Dive Brief:
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Next year “will likely not be a breakout year for housing,” economists at Fannie Mae predicted this week.
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Consumer attitudes toward housing are “soft,” Fannie Mae’s August National Housing Survey reveals. The number of consumers who believe now is a good time to buy a home has fallen for two consecutive months—largely because they are not confident that their incomes are secure, the survey shows.
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It is worth noting that the number of survey participants who expect their personal financial situations to improve within a year has increased. Still, more consumers than not said their income is no higher than it was a year ago—but their expenses are.
Dive Insight:
Even falling home prices and low interest rates can’t convince potential buyers to invest in homes unless they feel their personal finances are secure, the survey notes.