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by CareyBot

Fannie Mae economists have downgraded their expectations for the U.S. housing market in the second half of this year, even though they are more optimistic about the prospects for overall economic growth. The economy grew faster than anticipated in the second quarter, prompting Fannie Mae's Economic and Strategic Research Group to boost its U.S. gross domestic product (GDP) projection to an average of 3 percent for the last six months of the year. But housing will not be the driver of growth it was previously expected to be, the group said. "(O)ur view of the housing market has deteriorated as housing activity appeared to have lost momentum at the end of the second quarter," Fannie Mae economists said in a monthly economic outlook. Existing-home sales rose in the second quarter, b...