The most recent National Housing Survey shows Americans expect the housing market to be a catalyst for the overall economy in the coming months, with expectations being that home prices will continue to adjust forwardly towards their pre-recession levels.
In the monthly survey by Fannie Mae, 48% of Americans in February said they expect home prices to continue to rise during the next 12 months—a sharp increase from just a month earlier when 41% of respondents expected the same result.
Thanks to Mortgage News Daily, there are plenty of other indicators from the study to relay. For example, a full quarter of respondents (a record high for this particular study) see this as being a seller’s market given the steady price upgrades. Those sellers shouldn’t have a problem selling, either. Fannie Mae reports in the same study that 73 percent of Americans (up from 69 percent in January) see this as being “a good time to buy,” according to the Mortgage Daily News.
That’s most of the good news in the study. It must also be noted that Fannie Mae revealed Americans are still a bit uneasy given the last economic collapse. There were fewer people in February than a month earlier that expect their personal financial situation to improve moving forward, and in addition the percentage of folks whose income was higher than a year earlier also took a dive.
This is sometime referred to as the “new reality” in America, but when you look at property ownership and how it has always driven the U.S. economy, it really isn’t that new. The latest numbers, as well as history, suggests home ownership is once again a sound decision.