Fannie Mae's February 2012 National Housing Survey finds Consumer Attitudes about Housing are Stabilizing
Americans' concerns about key economic and housing issues are improving, according to results from Fannie Mae's February 2012 National Housing Survey. Consumers' attitudes have stabilized across most indicators – including personal finances, housing, and employment – demonstrating their sense that downside risks have subsided to some extent compared to late summer and fall of last year.
The survey found that American consumer’s attitudes about Homeownership and Renting are changing. Here were some the key points centered around housing:
- On average, Americans expect home prices to increase by 0.8% over the next 12 months (down slightly since last month).
- Twenty-eight % of respondents expect home prices to increase over the next 12 months (consistent with last month), while 15% say they expect home prices to decline (down 1 percentage point since last month). Fifty-three% say prices will stay the same.
- 10% of Americans believe mortgage rates will go down in the next 12 months, up two percentage points from last month.
- The percentage of those surveyed who say it is a good time to sell rose by 3 percentage points to 13 percent. This is the highest level in over a year! The percentage of survey respondents who believe it’s a good time to buy dropped 1 percentage point to 70 percent this month.
- On average, respondents think home rental prices will increase by 3.5% over the next 12 months, up slightly from January.
- Forty-five percent of those surveyed believe home rental prices will go up, an increase of 2 percentage points from January. Three percent of respondents expect home rental prices to go down, a 2 percentage point decrease from last month, the lowest value in over a year.
- Sixty-five percent of respondents say they would buy their next home if they were going to move, up 1 percentage point since last month. Twenty nine percent say they would rent, down 1 percentage point versus last month.
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