According to Fannie Mae's November 2012 National Housing Survey, Americans are showing ‘increased confidence in the housing market and the direction of the economy,’ even in spite of uncertainty related to the ‘fiscal cliff.’
The November survey results show significant movement across many key indicators. The share of respondents who say now is a good time to sell a home jumped five percentage points in November to 23% – the highest level since the survey began in June 2010. The percentage of respondents who expect mortgage rates to go up increased by four percentage points to 41%, and those anticipating home prices to go down within the next year also rose by four percentage points to 14%. Also of note, 51% of respondents now say it would be easy to get a mortgage.
‘Consumer attitudes toward both the economy and the housing market continue to gather momentum, with many of our 11 key National Housing Survey indicators at or near their two-and-a-half-year highs,’ says Doug Duncan, senior vice president and chief economist of Fannie Mae.
‘On the housing front, attitudes about the current selling environment continue to improve, with a significant increase in those saying it would be a good time to sell,’ he adds. ‘This growing confidence in a housing recovery, in addition to other factors, may reinforce growing consumer optimism regarding the improving direction of the general economy.’