Fannie Mae lowers existing home forecast, says sales will decline this year

Fannie Mae lowered its housing forecast on Friday, saying existing home sales will decrease this year compared with 2018. It was the first time the mortgage giant projected a 2019 decline. The projection comes at a time when mortgage rates are near three-year lows and housing optimism is at an all-time high. But, there’s something that trumps low rates and elevated optimism, the mortgage giant said: Supply shortage.