Americans Believe Home Prices Will Increase Sooner
Borrowers Working To Reduce Debt
Fannie Mae's latest national housing survey finds that most Americans believe the housing market has bottomed. Seventy percent of Americans think it is a good time to buy a house, compared with 64 percent in a similar survey conducted in January 2010.
The Fannie Mae National Housing Survey polled homeowners and renters between June 2010 and July 2010. Findings were compared to a similar survey conducted by Fannie Mae from December 2009 to January 2010 and released in April 2010, and a similar survey conducted in 2003.
More Confident Housing Market Has Bottomed
According to the survey, the majority of Americans (with an increase to 78 percent) believe that home prices will remain flat or go up over the next year. This is a five percent increase from the survey at the beginning of the year.
This increase in confidence actually occurred AFTER the end of the housing tax credit.
Rents are anticipated to remain the same or go up - a total of 85 percent of Americans thought that rental prices will increase or stay the same over the next 12 months, with about half that group thinking they will see increased rental prices.
It Really IS a Good Time To Buy a Home
Forget those sappy commercials - according to this random survey, a total of 70 percent of Americans really do think it's a good time to buy a home, up six percent from the January survey.
A majority of Americans (total of 67 percent) continue to believe that buying a home is a safe investment.
Fewer Americans think it will be very difficult to get a home loan, down six points since January.
The combination of record low interest rates and energy efficient, cost effective homes is giving homebuyers more buying power than ever before.
Homebuyers Are More Debt Conscious
We're seeing a strong focus on more cost effective homes with fewer bells and whistles. Our homebuyers are looking for energy efficiency, and a floor plan that truly works for them with possibilities for future homeowner projects to continue to add value. So we're not surprised at the next survey result.
Twenty-two percent of mortgage borrowers said they have reduced their mortgage debt significantly in the last year, and 27 percent of the mortgage borrowers say they have reduced their non-mortgage debt significantly.
Raleigh Market Stays Strong
According to the most recent reports, appreciation is still positive across the Triangle. That means that homes are still INCREASING in value in the Raleigh area, as they have continued to do over the past ten years. Raleigh never saw the "bubble" effect that many other large markets suffered through.
Wake County - 1.09% appreciation
Durham County - 1.22% appreciation
Orange County - 2.44% appreciation
Chatham County - 1.43% appreciation
USA National - negative 1.21% appreciation
While appreciation rates are a little lower than they were during the boom, homes are still increasing in value. What a great place to live and own a home!
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