In an annual outlook report from Wells Fargo, the financial services firm said they expect trends in commercial and residential real estate to turn positive for the first time since the beginning of the recession. The report says that consumer spending, which accounts for nearly 70 percent of total GDP growth, will benefit from a streak of positive employment reports and rising personal income. Wells Fargo believes housing starts will gain momentum and, along with low mortgage rates and high affordability factors, the housing market will begin to trend positive, though they caution that a return to the highs of the housing boom isn’t likely for some time. More here and here.