Survey Shows Nearly Half Of Americans Think Home Prices Have Bottomed

Nearly half of Americans surveyed believe that housing prices have bottomed and about a third expect price increases over the next year, according to a recent survey. While …

Nearly half of Americans surveyed believe that housing prices have bottomed and about a third expect price increases over the next year, according to a recent survey. While many Americans believe that the current market is a good time to buy a home, buyers are taking a cautious approach. See the following article from HousingWire to learn more.

According to the Fannie Mae national housing survey, 70% of Americans believe it is a good time to buy a home, up from 64% in a survey conducted in January. But there may not be enough willing sellers as 83% believe it’s a bad time to sell a home.

Fannie Mae surveyed 3,400 adults from June to July. Although more liked the timing of the market, 33% said they would be more likely to rent than own when they move next.

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But the improved sentiment toward purchase timing is surprising after the expiration of the homebuyer tax credit in April and the 27% drop in existing home sales in July.

Of those surveyed, 47% believe home prices have bottomed, and 31% said prices would increase over the next year. The combined 78% of those not expecting further declines is up from 73% at the beginning of the year.

Doug Duncan, vice president and chief economist at Fannie Mae, said the survey showed a mixed outlook for housing and homeownership.

“Although most Americans believe that home prices have bottomed, they are adopting a much more cautious approach toward buying,” Duncan said.

While most Americans still believe housing is a safe investment, the number is down from 83% from a survey conducted in 2003.

“Homeowners and renters alike continue to be wary of taking on risk, and they are less confident in the long-term outlook for housing,” Duncan said.

This article has been republished from HousingWire. You can also view this article at
HousingWire, a mortgage and real estate news site.

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