Americans Increasingly Optimistic About Housing Market

Fannie Mae’s National Housing Survey polls 1,001 Americans each month to assess their attitudes toward homeownership, renting, mortgage rates, foreclosures, the economy, household finances, and overall consumer confidence. The results of June’s survey show Americans are increasingly optimistic about the housing market despite concerns about the broader economy and their personal finances. Doug Duncan, Fannie Mae’s senior vice president and chief economist, said consumers’ attitudes about the housing market continue to improve. According to Duncan, consumers are increasingly seeing the current environment as a unique opportunity to buy a home while prices are depressed, rental costs are increasing, and interest rates are near historic lows. According to the survey, Americans expect home prices to increase 2.0 percent over the next year. Among participants, 35 percent said prices would rise over the next 12 months, which is the largest percentage in the survey’s two-year history. Also, the number of respondents who said they would buy their next home if they were going to move rose 6.0 percent to 69 percent, which is the highest level ever recorded. The number of Americans who said it was a good time to buy a home increased to 73 percent. More here and here.

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