More Consumers Say It's a Good Time to Buy a Home: Fannie Survey

Consumer confidence in the housing market rebounded in Fannie Mae's latest national consumer attitudes survey.

A majority — 68% — of the 1,000 respondents polled said that now is a good time to buy a home, up 4% from August's survey. Though the month-to-month trend is positive, the number is actually down from the same month last year, when 72% of respondents said it was a good time to buy. The percentage has largely fluctuated in the mid-to-high 60% range over the last year.

A far smaller percentage, 40%, expressed confidence that the economy is now on the right track, though that number rose five percent from August. Most, 54%, still think the economy's on the wrong track. That number has remained largely the same over the last year: the September 2013 National Housing Survey showed 55% thought that the economy was on the wrong track. The poll has an estimated 3.1% margin of error.

Consumer confidence in the housing market dropped during a summer filled with terrible global news, along with stagnant wages and workforce participation. The number that said their household income had stayed the same compared to a year ago, 59%, tracks closely to the number who believe the economy's on the wrong track.

Overall consumers seem to know current interest rates and housing supply make it a good market to buy in, but feel that the economy continues to hamper their ability to take advantage of it.

For reprint and licensing requests for this article, click here.
Originations Data and information management
MORE FROM NATIONAL MORTGAGE NEWS