Freddie Mac and Fannie Mae Surging in 2013 as U.S. Housing Market Continues to Improve
RDInvesting Provides Stock Research on Freddie Mac and Fannie Mae
NEW YORK, NY--(Marketwire - Mar 4, 2013) - Freddie Mac and Fannie Mae have surged in 2013 as data supporting the U.S. housing market's recovery continues to roll in. Last week two separate reports were released showing improvements in U.S. home prices and sales. Research Driven Investing examines investing opportunities in the Mortgage Investment Industry and provides equity research on Federal Home Loan Mortgage Corp. (OTCQB: FMCC) and Federal National Mortgage Association (OTCQB: FNMA).
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The Commerce Department recent reported new-home sales in the U.S. surged to a 4 and 1/2 year high in January. New-home sales in January increased 16 percent to a seasonally adjusted annual rate of 437,000. The value of homes in the 20 major cities tracked by the Standard & Poor's/Case-Shiller home price index gained 0.9 percent in December, and have surged 6.8 percent in 2012, the largest annual gain in nearly six years. Seven of the 20 cities saw double digit gains in home prices, while New York was the only city where prices declined.
"There's no doubt when you look at all the housing data that's come out, it certainly paints a picture of continued improvement in that market," said Anthony Chan, chief economist at Chase Private Client.
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Freddie Mac reported a net income of $11 billion for the full year 2012 compared to a net loss of $5.3 billion in 2011. "It's clear from our earnings that the housing market has turned a corner and that our work to minimize legacy losses and build a strong new book of business is paying off," Freddie Mac CEO Donald Layton said in a statement.
Shares of Fannie Mae have surged nearly 15 percent year-to-date. The company reported a net income of $1.8 billion in the third quarter of 2012, compared to a net loss of $5.1 billion in the third quarter of 2011. "We are seeing signs of sustained improvement in housing and our actions to support the housing recovery have generated strong financial results in 2012," said Timothy J. Mayopoulos, President and CEO.
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