By Julia Falcon | Housing Wire
Doug Duncan doesn’t claim to be an oracle, but the Fannie Mae Senior Vice President and Chief Economist on Thursday offered some forecasts for 2021, even amid a pandemic that has thrown markets into disarray.
The country is mired in a recession, and while the CARES Act provided a short-term jolt to the economy, much remains uncertain about COVID-19 and its ultimate impact on the U.S. economy and the housing market, he said.
“At the end of 2019, we were at 3.5% unemployment,” Duncan told attendees at HousingWire Annual on Thursday. “We think at the end of 2021, it will be roughly double that, around 6%.”