Americans Growing More Confident In Housing Market

Americans are growing ever more confident in the housing market, according to Fannie Mae’s October 2012 National Housing Survey. The survey gauges consumers’ attitudes toward owning a home, renting, prices, mortgage rates, household finances, and overall confidence in the economy. October’s results found Americans’ expectations on the rise. Among the highlights, only 10 percent of respondents said they expect home prices to fall over the next year, the lowest level in the survey’s history. Participants also believe it is a good time to buy a home and an increasing number said it’s a good time to sell. Doug Duncan, senior vice president and chief economist of Fannie Mae, said increasing household formation and an improving labor market has added additional momentum to the housing recovery. According to Duncan, expected increases in home prices and rent may encourage more consumers to buy, which would add further strength to the recovery. More here and here.

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