by Jennifer Shenbaum
In a recent survey conducted by Fannie Mae, the public was asked to respond to a number of questions about the economy, as it relates to their own attitudes towards housing. To summarize, the public’s responses indicated that most people like the economy’s direction less today than a year ago. More people have seen their expenses go up, but not their incomes. In fact, 26% of employed people were concerned about the stability of their job. And with a 9% unemployment rate, a total of 35% of all the employable people in the country are concerned about the stability of their job. This does not help the real estate market.
The main question that was asked was whether or not people liked the direction the economy was moving. In the last 2 months, the percentage of people who feel it is going in the wrong direction has increased by 14 points. In the most recent survey, 78% of the people who took the poll said it was headed in the wrong direction.
When asked whether it is a good time to buy a house, a high percentage of people said it is a very good time to buy a house. But, that same group also said it is NOT a good time for them in particular to buy a house.
As we can see, there is a very negative sentiment towards housing and real estate these days. No matter how much home prices have declined, people are worried. Worried about their job and their future, most people don’t want to carry the burden of owning a home, too.
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