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Fannie Mae: Housing is ‘on a sustained growth path’

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While impending fiscal cuts at the federal level will likely put a damper on economic growth in the first half of this year, home-price growth and an increase in homebuilding suggest housing is "on a sustained growth path," according to a monthly economic outlook released today by Fannie Mae's Economic & Strategic Research Group.The lowest number of homes for sale since December 1994, a rising share of short sales compared to foreclosures, and fewer distressed properties overall have helped push up home prices from a bottom reached in early 2012, Fannie Mae said. "One of the key developments for the housing market last year was the general consensus that home prices, on a national basis, bottomed earlier in the year and continued to build momentum, exhibiting robust year-over-year gains unseen since the housing boom," the report said. "While prices usually weaken in the winter months, the CoreLogic house price index (non-seasonally adjusted) defied ...