Survey shows Americans gaining confidence in stability of home prices

Dennis Norman St LouisThe Fannie Mae Fourth Quarter National Housing Survey polled homeowners and renters alike to assess their confidence in homeownership as an investment as well as their views on housing finance and the overall economy. The survey revealed that Americans are more confident about the stability of home prices than they were at the beginning of 2010, although they aren’t so confident about the strength of the overall US economy.

Highlights from the survey:

  • Seventy-eight percent of respondents believe housing prices will hold steady or increase over the next twelve months, up from 73 percent in January 2010.
  • Almost two-thirds of respondents believe the economy is on the wrong track, virtually unchanged from the first quarter poll.
  • Younger Americans, Hispanics and African-Americans generally are more positive in the strength of home prices and the economy.
    • Fifty-nine percent of Gen Y (ages 18-34) believes buying a home has a lot of potential as an investment
    • Thirty-four percent of Hispanics and 35 percent of African-Americans say they will buy a home in the next three years, compared to only 23 percent of all other Americans.
  • Sixty-four percent of Americans believe that buying a home is a safe investment, this is down from 70 percent in January 2010.
    • Back in December 2003, 83 percent of Americans thought a home was a safe investment.
  • Seventy-four percent of those surveyed think it will be harder to get a mortgage in the future. This is up from just over tw0-thirds at the beginning of 2010.

For the complete Fannie Mae survey report click here.

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