bright and happy expectations

Americans currently have bright and happy expectations about housing, according to Fannie Mae’s latest National Housing Survey. Their chief economist commented, “Despite fiscal headwinds and political uncertainty, consumer sentiment toward housing is robust and continues to gather strength.” Specifically, 48% of survey respondents believe home prices will go up in the next 12 months, a high for the survey begun in June 2010. Only 10% of respondents believe home prices will go down, a survey low.

The desire to buy has grown, as 67% of respondents said that if they were moving, they would rather buy than rent. One in four say now is a good time to sell a house, the highest level in two and a half years. People will probably act sooner rather than later, as 45% of those surveyed think mortgage rates will go up, while only 7% expect them to go down. Sadly, few are thrilled about the overall economy. Only 38% said the economy is on the right track and only 41% expect their financial situation to improve in the next 12 months

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