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Monday, May 23 2011

Americans expressed cautious optimism about the housing market and the value of home ownership in Fannie Mae’s first quarter 2011 National Housing Survey.

The survey uncovered newfound optimism about home prices, the economy, and personal finances balanced by concerns about rising household expenses, which may require Americans to remain cautions about the recovery.

Despite consumer caution, 57% of Americans still believe that buying a home has a lot of potential as an investment—ranking higher than other investments, such as buying stocks or putting money into an IRA or 401(k) plan.

“Despite moderate signs of improvement in the housing market and the overall economy, consumer attitudes continue to be shaped by ongoing concerns about the recovery and their own financial situations,” said Fannie Mae Chief Economist Doug Duncan. “Uncertainty regarding the improving labor market, expectations of little home price and interest rate movement, and rising household expenses has left consumers feeling less financially secure and translates into weak mortgage demand. While we have seen indications of improving economic activity in recent months, especially the strengthening of private sector employment, consumers’ attitudes improved only marginally, and in some areas not at all, from a year ago, reflecting the continued unevenness and uncertainty of this recovery.”

Other survey highlights:

  • Forty-four percent of home owners believe the value of their home today is worth 20% or more than what they originally paid for it, declining from 46% in June 2010 and 51% in January 2010.
  • One in three Americans (30%) expect home prices to strengthen over the next year, up four percentage points from the fourth quarter of 2010, but virtually unchanged from a year ago.
  • Only 13% of pre-Baby Boomers (age 65+) think it will be easier for the next generation to purchase a home than it was for them, compared with 28% of Generation Y Americans.
  • Nearly one in four (23%) mortgage borrowers say they are underwater, compared with 30% in January 2010.
  • Only 31% of underwater borrowers think they have sufficient savings (compared to 42% in June 2010, and 43% of all mortgage borrowers).
  • Forty-six percent of underwater borrowers say they are stressed about their ability to make payments on their debt (versus 35% in June 2010, and 33% of all mortgage borrowers).

Source: Fannie Mae



Read more: http://www.houselogic.com/news/articles/most-americans-believe-their-home-good-investment/#ixzz1M9Q8ML00
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
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The Trentini Team
F.C. Tucker EMGE REALTORS®
7820 Eagle Crest Bvd., Suite 200
Evansville, IN 47715
Office: (812) 479-0801
Cell: (812) 499-9234
Email: Rolando@RolandoTrentini.com


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