Stalled confidence in the economy and personal finances apparently hasn’t brought down optimism in the housing market. Fannie Mae released its July 2012 National Housing Survey, showing that consumer optimism regarding the slowly recovering housing market remained strong during the month. Survey respondents said they expect home prices to increase 1.7 percent in the next year, slightly down from the 2.0 percent survey high recorded in June. Eleven percent of respondents believe home prices will drop, the lowest level recorded since the survey began in June 2010. In the highest level seen since the survey began, 16 percent of consumers say now is a good time to sell, while a steady 73 percent said it is a good time to buy. “It is encouraging to see that consumer expectations regarding housing largely continue to be upbeat.” said Doug Duncan, SVP and chief economist for Fannie Mae. [Read this article]
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