Fannie Mae's latest National Housing Survey demonstrates America's cautious optimism about home prices, the economy and personal finances, despite their lack of confidence in the overall strength of the country's economic recovery.
Despite consumer caution, however, 57 percent of Americans still believe that buying a home has a lot of potential as an investment, and rank homeownership higher than other investments, such as buying stocks and putting money into an IRA or 401(k) plan.
Some interesting results of the survey indicate:
• 33% of Americans believe the economy is on the right track
• 42% of respondents expect their personal finances to improve over the next year
• 30% expect home prices to strengthen over the next year
• Nearly one in four (23%) mortgage borrowers say they are underwater
• Only 31% of underwater borrowers think they have sufficient savings
· Nearly twice as many underwater borrowers (27%) think it's okay to walk away from a mortgage if they face financial distress than in January 2010.
It will be interesting to see how the recovery proceeds, given the latest Fannie Mae Survey results.
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