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Housing market on rebounding from slump

The housing market is slowly showing signs of recovery after being in a slump for four years.

The housing market is slowly showing signs of recovery after being in a slump for four years.

After enduring nearly four years of a slump, the housing market is starting to show signs of recovery, made evident by Freddie Mac's recently released U.S. Economic and Housing Market Outlook for January.

Freddie Mac's outlook showed that the economy is slowly recovering and is in a much better place than it was at the same time a year ago. According to statistics, economic growth will likely strengthen to 2.1 percent in the first quarter, which would provide Americans with the finances needed to afford the relocation cost.

Despite the U.S. unemployment rate being much lower than it was at the same time last year, the rate of 8.5 percent is expected to increase after seasonal gains are reversed. Mortgage rates are projected to remain low in the beginning of 2012, but expected home sales are expected to grow between 2 and 5 percent year-over-year.

"With the new year comes a sense of cautious optimism," Frank Nothaft, vice president and chief economist of Freddie Mac, said. "There are some positive signs in the job market and consumer confidence; housing is starting to raise hopes for continued gradual economic recovery. But the economy still is giving some mixed messages."

According to the NAHB/Wells Fargo Housing Market Index, builder confidence also rose in the fourth consecutive time in January, increasing four points to 25.