There's a sense of any urgency to buy a home lacking
Extensive Fannie Mae September survey of Consumers demonstrates Timely Insights into Major Consumer Attitudes
influencing Housing Decisions
Americans remain very cynical over home prices, the economy, and their household finances, in a just released Fannie Mae September U.S. Housing Survey. Data indicates that consumers are are
staying aware of economic news and things lawmakers are talking about, and continue to tie their personal financial state of affairs with the current economic atmosphere.
The September survey confirmed a marked decline in consumer anticipations over home prices during the
coming year. their most negative outlook since monthly data started in June 2010.. "Despite a fall off of negative economic publicity in September – in disparity to their
omnipresence throughout the debate over the debt ceiling during August – consumers persist in exhibiting very negative point of view.
Conversely, the percentage of consumers believing mortgage rates will go up plummeted sharply, down to the most despondent level Fannie Mae has recorded, likely predisposed by the Federal Reserve news, they will make an effort to keep the interest rates down for years down the road.
There's a sense of any urgency to buy a home lacking, given beliefs of additional home price declines and continued low rates on mortgage interest along with a general negativity in regards to their own personal financial states and the economy, remains poor for any
housing market recovery
Home and Renting
• American expectations of mortgage rates declined in September
• For the fourth consecutive month, Americans believe home prices will decline during the next year
• A scant 18 percent of those responding believe home prices will go up during the next year (the lowest numbers to date
• 68 percent believe the time is right to purchase a home, while just 10 percent believe it is the right time for selling
• Home rental prices are expected to increase by 3.3 percent during the coming year
• 63 percent would go ahead and purchase a home if prices were starting to move up,
Household Finances and The Economy
• 77 percent of Americans believe the economy is going the wrong direction
Fannie Mae has released their latest consumer attitudinal survey the most detailed of its kind, in a poll of 1,002 Americans using live telephone interviews to determine their beliefs toward owning or renting a home, home mortgage interest rates, distress of homeownership, household finances, overall economy, and general consumer confidence.
• Americans that expect their own personal financial circumstances to become worse during the coming year has gone down for the very first time in over four months
• 43 percent of Americans state their expenses have vastly increased compared to just one year ago. This number gone up five consecutive months.
Homeowners and tenants were asked over 100 questions to determine shifts in attitude (findings were compared to an identical survey conducted monthly since June 2010). Fannie Mae conducts survey and shares the results monthly and quarterly so that they may assist market participants and industry partners use collective efforts to help in
stabilizing the housing market over the near-future.
Oct 13, 2011