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70 Percent of Americans think it’s a good time to buy a home

A whopping 70 percent of Americans believe it’s a good time to buy a home, according to the Fannie Mae National Housing Survey released today. That’s up from 64 percent in a similar survey conducted in January, but more respondents (33% vs 30%) said they were more likely to rent their next home if they were to move. However, a large majority (78%) believe home prices have either bottomed or will rise over the next year, up from 73 percent in January. Forty-seven percent believe prices will hold steady, while 31 percent think they will rise, a notable change from the January numbers, which were 36 percent and 37 percent, respectively. The number of renters (37%) and delinquent borrowers (52%) who said they are more likely to buy a home in the future declined by seven and four points from January’s survey, respectively. “Although most Americans believe that home prices have bottomed, they are adopting a much more cautious approach toward buying,” said Doug Duncan, Vice President and Chief Economist, Fannie Mae, in a release. “Homeowners and renters alike continue to be wary of taking on risk, and they are less confident in the long-term outlook for housing.” Some good news: 22 percent of mortgage borrowers said they have reduced their mortgage debt “significantly” over the past year, while 27 percent say they have reduced their non-mortgage debt significantly. Oh and 83 percent believe now is a bad time to sell a house, so maybe that’ll help keep inventory in check, assuming they don’t walk away.

1 Comments in Response to

Comment by Ned The Head
Entered on:

I guess this is roughly inline or even optimistic. 30% of us don't have our heads up our butts. I'm very happy with 30%. We might just be at an all time high.

Think of every present buyer as a stepping stone; as they default, prices will have to get marked to market then. "Extend and pretend" won't withstand serial foreclosures. And every set of hands a given property puts it one step closer to my buy point. Which is I cash in my gold for a house for less than the lumber costs. That is if my darling wife hasn't liquidated all the gold first. Which she is busily doing, Gods bless her pointy little head.

Why God, oh why did you give me financial acumen in one hand and a spendy wife in the other? They are opposite and negating factors Lord.

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