Wednesday, October 10, 2012 / by Carlos J Higareda
Americans continue to get more optimistic about the direction of the housing market, according to Fannie Mae’s September National Housing Survey of 1,000 Americans. In fact, Americans’ views on the direction of housing prices has remained positive for 11 consecutive months in the survey, and the number of people expecting home prices to fall now rests at 11 percent, an all-time low since the survey began in 2010.
Overall, survey respondents expect home prices to increase 1.5 percent, on average, in the next year.
“Consumers are showing increasing faith in the nascent housing recovery,” says Doug Duncan, Fannie Mae’s chief economist.
Nearly 20 percent say now is a good time to sell, the highest percentage since the survey began in 2010. Also, 69 percent say now would be a great time to buy if they were planning to move.
Survey respondents also showed more optimism for the direction of the economy. Forty-one percent say the economy is on the right track, which is up from 33 percent last month. Still, 53 percent of survey respondents say the economy is on the wrong track.
Source: Fannie Mae