Freddie Mac has revised downward its economic forecast for the remainder of 2016 following a tepid first quarter, but remains upbeat about the housing market.

Lower-than-expected figures for consumer spending, manufacturing, trade and auto and retail sales led the government-sponsored enterprise to lower its forecast for real GDP growth to 1.1% for the first quarter, from the previously estimated 1.8%. For the full year it expects 2% growth in GDP.

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