The Fannie Mae National Housing Survey is out this week, and I swear to god if I hear one more less-than-impartial report talking about a wait-and-see attitude to 2012 among American consumers I will scream.
They took a wait-and-see attitude to 2008, 2009 as well and maybe even 2010, but by 2011 it is pretty much engrained that the recovery is not something you wait and see for, it is a long and drawn out process. US consumers are either hit hard by it and dependent on recovery, or they aren't, and only those that aren't are considering buying houses, with many of them investing in multiple properties at bargain basement prices.
Consumer sentiment on housing expectations is stabilizing as the year winds down and consumers are adopting a “wait and see” attitude towards 2012, said the Fannie Mae report.
However, according to the report US consumers are sure of one thing -- rents will rise in 2012. Of those surveyed by the firm some 41% expect a rise in house rental rates next year, with 3.2% being the average expected rise. Surprisingly the figures are lower than last month when 47% of respondents predicted rents to rise in 2012.
Consumer expectations are in line with the predictions of National Association of Realtors, wich forecasts multifamily rents to rise 3.5 percent next year.
Despite the drop from August, the expectations represent stronger rental growth than is currently being achieved. Consumer expectations for next year exceed the current level of rent increases. The average monthly rent for all categories, including apartments and single-family homes, was $846 nationwide in the third quarter, up 2.5 percent from the same period a year earlier, according to Local Market Monitor.