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Housing market strengthening in 2012

According to recently released statistics, the housing market is expected to grow steadily next year.

According to recently released statistics, the housing market is expected to grow steadily next year.

Freddie Mac, a company that works with mortgage lenders to get customers the lowest housing costs, recently released its U.S. Economic and Housing Market Outlook for December.

The company identified five highlights the country has to look forward to in the housing market, based on statistics from previous quarters.

According to Freddie Mac, the economy will likely grow about 2.5 percent in 2012 and the U.S. unemployment rate will decline, but will likely remain above 8 percent.

The company also projected that mortgage rates will remain very low through the first half of 2012 and housing activity will increase, but a significantly large expansion isn't expected. The report also stated that Americans should expect fewer single-family loan originations and more multi-family lending.

"While the headwinds remain strong going into 2012, there are indications the economy and the housing market are gaining ground, albeit slowly," said Freddie Mac vice president and chief economist Frank Nothaft. "Sustained and increased job growth beyond the average monthly payroll gains of 130,000 so far this year ending in November are essential. In housing, look for the rental market to lead the way and for some improvement in the single-family space in parts of the country."

This news comes after the housing market posted a decrease in home values in the month of October, which might have made some Americans cancel their plans of packing up and moving into a new home.