Economic activity was suppressed in the first-quarter due largely to the West Coast port disruptions and difficult weather patterns across the Northeast, but the economy is expected to gain momentum throughout the spring and reach previously anticipated levels by year-end, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research (ESR) Group.

While they have adjusted downward first-quarter growth from the prior forecast, the ESR Group’s full-year 2015 growth projection remains unchanged at 2.8 percent. Risks remain tilted to the downside, however, as consumer spending may be weaker than anticipated and the financial markets are likely to experience some volatility leading up to the Fed’s first expected rate hike in the coming months.

"We have downsized our first-quarter economic growth expectations in light of several transitory factors that weighed on consumption, but our outlook is largely the same as what we forecasted in March," says Fannie Mae Chief Economist Doug Duncan. "Although some momentum was lost in the first quarter as consumers remained cautious in their spending, perhaps putting an emphasis on repairing their personal balance sheets and replenishing savings, we expect that consumer spending will catch up during the second quarter and continue in subsequent months, supporting our forecast of 2.8 percent growth for the year. We believe this momentum will carry over into the housing market, as well, particularly if strong consumer income growth continues."

To read the full April 2015 Economic Outlook, visit the Economic & Strategic Research site at www.fanniemae.com.

Purchasing a home is an expensive proposition, and for many buyers, securing funds for a down payment is a challenge in and of itself. But before you cross the idea of ever being able to afford a house off the list, the following ideas will go a long way toward helping you come up with the money you need to get into your dream home.

1. Family Matters. Don’t be too shy or stubborn to ask your parents or other family members for help. Often, your relatives will be more than happy to help you get the home of your dreams. After all, they probably received help from family members themselves when they went to buy their first home. If you do get help from a family member, the lender will ask you to sign a form called a gift letter, attesting to the relationship. The lender may also require mom and dad to explain where they got the money and prove that they are financially able to make such a gift.

2. Dig Into Your IRA. Assuming you’ve started a retirement account with your job, this may be an easy way to get the money you need quickly. Whether it’s a 401(k), a Roth or traditional IRA, first-time homebuyers are allowed to borrow up to $10,000 for a down payment on a house without incurring a penalty. For those who are self-employed, you can also borrow up to $50,000 from your retirement fund and pay yourself back over five years at a low interest rate.

3. Add It to Your Registry. If you’re getting married, doesn’t it make more sense to ask for some help in getting a house rather than a toaster or coffee maker? Numerous mortgage companies allow those getting hitched to set up a down payment registry and many guests think it’s a great way to celebrate the joining of two people they love.

Housing starts and permits rose modestly in March after a very disappointing February. Total housing starts increased 2 percent to an annual rate of 926,000 from an upwardly revised 908,000 in February. Single-family starts improved slightly better at a 4.4 percent increase to 618,000 from a virtually unchanged 592,000 in February.

Multifamily starts dropped again, to 308,000, the lowest annualized monthly figure since September 2013. Virtually all of the decline in the multifamily sector was in the West, with a small reduction in the South, finishing out the 8,000 unit drop from February to March on top of the 58,000 drop in February.

Permits were down 5.7 percent overall, but driven again by a 15.9 percent loss in multifamily, evenly spread across three of the four regions. Northeast multifamily permits rose 55 percent to 90,000, the highest since June 2008 when a code change caused a one-time jump. The remaining three regions accounted for a 108,000 fall, offsetting the 48,000 increase in the Northeast.

This spring, I was introduced to a new specialist—Dr. Housing Bubble (www.doctorhousingbubble.com). In a recent blog, the 'Doctor' went to work diagnosing why new-home sales in many U.S. markets are still slumping.

In reviewing hard data like Census figures, Dr. Housing Bubble learned that despite slowly brightening employment, wage and home buying trends, many Americans are still living month to month.  

The 'Doctor' believes current first-time homebuyer trends are a reflection of even tighter budgets for groups like millennials. Many of these younger prospects have no desire to buy a home, providing a big boost to rental markets while dealing a hit to new home building.  

And for those who qualify to buy, low down payments are reflecting stagnant wage growth and evidence that many millennials are still saddled with mountains of debt, Doctor Housing Bubble says.  

Working in real estate can be a challenge in itself, but when you're working with multigenerational buyers—a household of more than two generations—things can get even more complicated as you work to meet the diverse needs of parents, grandparents and children alike. However, as the housing market continues to fluctuate, more and more multigenerational households are emerging, so knowing how to work with this unique family dynamic is important.

REALTOR® Judy Cerra says she has been seeing more and more multicultural buyers come into the fold over the past several years looking for multigenerational living options, while real estate agent Magda Morales speaks about the increase in the “sandwich generation,” adult children who offer in-home care for their aging parents while simultaneously raising their own children.

“Overall, the high cost of day-to-day living, a downward economy and the high cost of retirement and assisted living communities, combined with astronomical childcare costs, motivate today’s families to move in together,” says Morales.

No matter where you live, the spring season is associated with cleaning and change. From saying goodbye to the old and hello to the new, the season also offers the perfect opportunity for sellers to take care of projects they’ve been putting off all winter. Whether it’s painting, replacing bathroom fixtures, sanding kitchen cabinets, staining the deck or re-grouting the bathroom, now’s the time to get the ball rolling on various home improvement projects that will pay big dividends when prospective buyers come to view your home.

While most of the home improvement projects you’re ready to tackle require detailed planning and preparation, you’ve more than likely been gearing up for these projects throughout the winter season. Even if you’re just getting around to planning your project, a visit to your local hardware store or a YouTube video of a DIY project can go a long way toward helping you get your project get off the ground.

Now that spring has sprung, you can also change various accessories within the home to create a totally different look. Bringing spring colors into the home is easy, especially with accessories like throw pillows, area rugs, artwork, towels and bedspreads. Designers recommend bringing in certain colors (think pears, eggs and seashells) to play off the spring theme. You can also incorporate leaf patterns in fabrics, wicker, real leather and rust metal to add a level of contrast.

Foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 313,487 U.S. properties in the first quarter of 2015, down 7 percent from the previous quarter and down 8 percent from the first quarter of 2014 to the lowest quarterly total since the first quarter of 2007, according to the recently released RealtyTrac® Q1 and March 2015 U.S. Foreclosure Market Report™.

There were a total of 122,060 U.S. properties with foreclosure filings in March, a 20 percent jump from a 104-month low February and up 4 percent from a year ago—the first month with a year-over-year increase in overall foreclosure activity since September 2010.

The increase in March was driven primarily by a jump in bank repossessions (REOs), which at 36,152 were up 49 percent from the previous month and up 25 percent from a year ago to a 17-month high—although still about one-third of the 102,134 REOs in September 2010, the peak month for REOs.

Finding a mortgage lender is not a problem. Selecting someone who will help you find the best loan product for your situation even if it means sending you to another lender is paramount.

There is a huge advantage to be able to sit across the table from someone you’re doing business with and look them straight in the eye. It’s difficult to make an informed decision based on a website and a phone call.

Most people’s first introduction to Radon is during the inspections of a home. It can be as much a surprise to a seller as it is a buyer. Radon is an invisible and odor-free, cancer-causing radioactive gas.

Radon can get into a home through cracks in solid floors, construction joints, cracks in walls, gaps in suspended floors, gaps around service pipes, cavities inside walls and even the water supply.

There are sites all over the web that offer to tell you what your home is worth. Simply plug in your address and email and you’ll get a value. It’s fast; it’s easy but is it accurate?

The value is determined by what is called an Automated Valuation Model (AVM) that analyzes public record data with computer decision logic. Square footage, age, number of bedrooms and location are easily definable objective data. The challenge is identifying, measuring and comparing the subjective data.

An AVM cannot identify how unique features might add or detract from the value, if the market is declining or why the comparable sales apply or don’t apply to the subject property. Is a home worth more because it is near shopping or less because it is across the street from a high-traffic commercially zoned property?

Experienced professionals are more likely to make proper adjustments for condition, market appeal and positive and negative influences.