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Housing market continues slow recovery

The housing market is beginning to slowly show signs of recovery.

The housing market is beginning to slowly show signs of recovery.

The U.S. housing market and economy are continuing to show glimmers of hope, with low interest rates and more favorable job prospects being reported for Americans.

Freddie Mac recently released its U.S. Economic and Housing Market Outlook for February, which showed signs the economy is slowly on the rise, resulting in positive numbers for the housing market.

Job gains have exceeded expectations in the past two months and the unemployment rate fell to 8.3 percent from 8.5 in December 2011. Weekly unemployment benefits applications decreased for the third consecutive week to 348,000, which is the lowest number since the first week of March 2008.

"The U.S. economy continues to build on the momentum from the end of last year," said Frank Nothaft, Freddie Mac vice president and chief economist. "Our outlook anticipates gradual, but steady, improvement in the economy and the housing market, supported by low interest rates and brightening job market prospects."

Consumer confidence also declined in January while homebuilders' confidence continued to rise.

According to the National Association of Realtors, existing-home sales rose in January, which marks three gains in the past four months. With the economy slowly improving, Americans are packing up to move into their dream homes at affordable rates.