Posted in General on 11. Jul, 2012
by Sarah Barron
Housing market confidence among Americans continues to trend in a positive direction despite stalling optimism about the economy and personal finances, according to results from Fannie Maeâ€™s June 2012 National Housing Survey. Results indicate flattening economic trends may be contributing to waning consumer expectations about their personal financial situation. Nevertheless, Americansâ€™ continued positive sentiment about housing appears to remain buoyed by low house prices and interest rates at historically low levels.
Highlights of the June survey include:
Average home price expectation hit 2 percent this month, a 0.6 percent increase from May and the highest value recorded since the survey began in June 2010.
Thirty-five percent of respondents say that home prices will go up in the next 12 months, the highest level recorded since the surveyâ€™s inception.
Thirty-seven percent of those surveyed think mortgage rates will go up in the next 12 months, a 4 percentage point decrease from last month.
The percentage who say it is a good time to buy increased slightly to 73 percent, matching the highest level recorded since the survey began two years ago, while the percentage who think it is a good time to sell remained at 15 percent.
On average, respondents expect home rental prices, generally steady since May, to increase by 4.0 percent over the next 12 months.
Forty-eight percent of respondents think that home rental prices will go up in the next 12 months, while 5 percent think they will go down.
Sixty-nine percent of respondents said that they would buy if they were going to move, a 6 percentage point increase from last month and the highest level recorded since the surveyâ€™s inception.
The percentage of respondents who would rent decreased from 32 percent to 27 percent, the lowest number to date.
For detailed findings from the June 2012 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The June 2012 Fannie Mae National Housing Survey was conducted between June 4, 2012 and June 21, 2012. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
Follow us on Twitter: http://twitter.com/FannieMae.
(From Fannie Mae – 7/9/12 – by Pete Bakel)