Chicago, IL - December, 2012
The housing market has continued to show improvements over the past several months, with home prices increasing across the country and foreclosures decreasing. Now, Fannie Mae's November 2012 National Housing Survey shows that there is improving consumer attitudes toward the housing market.
The improvements that have been shown in the survey could push the housing market toward further recovery over the next few years, which would support overall economic growth.
The results show that there has been significant movement across many of the indicators in the housing market. According to respondents, now is a better time to sell a home, with the number of Americans agreeing increasing by 5 percentage points in November to 23 percent.
"Consumer attitudes toward both the economy and the housing market continue to gather momentum, with many of our 11 key National Housing Survey indicators at or near their two-and-a-half-year highs," said Doug Duncan, senior vice president and chief economist of Fannie Mae. "On the housing front, attitudes about the current selling environment continue to improve, with a significant increase in those saying it would be a good time to sell. This growing confidence in a housing recovery, in addition to other factors, may reinforce growing consumer optimism regarding the improving direction of the general economy."
More Americans believe economy's on the right track
Duncan added that consumers who believe that the economy is on the right track toward recovery increased to 44 percent while consumers who said it's on the wrong track has decreased to 50 percent, which is the smallest gap since the survey was created in June of 2010. The survey also showed that the percentage of respondents who expect mortgage rates to increase jumped 4 percentage points to 14 percent.
Duncan added that consumers who believe that the economy is on the right track toward recovery increased to 44 percent while consumers who said it's on the wrong track has decreased to 50 percent, which is the smallest gap since the survey was created in June of 2010. The survey also showed that the percentage of respondents who expect mortgage rates to increase jumped 4 percentage points to 14 percent.
According to Corelogic, prices for homes declined by 0.2 percent from September to October, which was the second drop after six straight months of increases. Even though home prices declined month-over-month, they showed increases on a year-over-year basis, jumping by 6.3 percent in October. The largest increases in home prices were seen in Arizona and Hawaii, which reported a 21.3 and 13.2 percent rise, respectively.
Considering the housing market is beginning to show more consistent improvements, more first-time home buyers may consider it a perfect time to secure financing for the home of their choice.
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