Fannie Mae discovered that Americans had a more optimistic outlook on the housing market, homeownership and the economy in general in their September National Housing Survey. There has been a gradual improvement in the overall attitude about the economy, but a substantial improvement was seen in the most recent Fannie Mae survey.

The Senior Vice President and Chief Economist of Fannie Mae stated that "Consumers are showing increasing faith in the nascent housing recovery." Fannie Mae's National Housing Surveys have proved that home price expectations have remained positive over the past 11 months. The third round of quantitative easing from the Federal Reserve caused a drop in mortgage rates as well. Furthermore, in Friday's job report there in an increase in earnings and a decline in the unemployment rate.
Fannie Mae conducts a phone poll each month to gather the data for their monthly National Housing Survey. The survey includes 1,000 homeowners with and without a home mortgage. The participants are asked over a 100 questions designed specifically to track any changes in their general attitudes. Originating in June 2010, changes in the general attitude have been tracked over several years.

The number of people that responded who are expecting home prices to rise over the next year has rose 19 percent from the last year to 37 percent, which is the highest level seen in the survey's history. This is the 11th straight month that price has been expected to change in a positive manner.

Half of the survey's respondents reported that they expect mortgage rates to remain unchanged for the next 12 months, which is an increase of 3 percentage points from the August survey. At the same time, the percentage expecting rates to rise declined from 40 percent to 33 percent.

72 percent of respondents believe that it currently is a good time to buy a home, which has only been a four percent improvement over the last year. However, the percentage who views the present as a good time to sell has risen 9 points to 19 percent in the same time frame. Tying the June 2012 level for the all-time high, 69 percent of participants said they would buy if they were going to move.

47 percent of the population who responded to the survey believes that rental prices will increase 3.1 percent.

In general, the Fannie Mae National Housing Survey showed that consumer confidence was way up. With a 33 percent increase, 41 percent now believes that the economy is on the right track. This is the highest consumer confidence reading the survey's history.

When it came to individual financing, 44 percent replied that they anticipated their own financial situation to improve over the next year, a 42 percent increase from the previous month. If you are looking to improve your financial situation, contact us today at Prospect Financial Group, Inc. Let us out you in a better financial situation with a home refinance. Request a quote today or call 858-605-0952.