4.28.23
On April 21, Fannie Mae’s Economic and Strategic (ESR) Group released their April Outlook, which predicted stronger first quarter GDP growth than previously anticipated. Housing demand and home prices had remained consistent in 2022, largely due to inventory pressures in the housing market. While the outlook was optimistic towards Q1 growth, the ESR Group predicted that incremental tightening in credit conditions, alongside weakening employment, slowing retail sales and a decline in manufacturing is likely to contribute to a modest recession in 2023.