Magazine article Mortgage Banking

Home Purchase Sentiment Dips in June

Magazine article Mortgage Banking

Home Purchase Sentiment Dips in June

Article excerpt

Fannie Mae, Washington, D.C., found that consumers were a little less positive about the housing market and prospects for income growth in June than they were in May, according to Fannie Mae's Home Purchase Sentiment Index[TM].

May's index hit an all-time survey high at 85.3, but June saw the measure slip to 83.2. Some components of the index remained strong. For example, the share or respondents saying it was a good time to sell increased 5 percentage points to reach a survey high at 18 percent.

After declining for three straight months, those saying it was a good time to buy rose 3 percentage points to 32 percent.

The share of consumers who expect home prices to go up over the next 12 months dropped 9 percentage points on net to 33 percent.

Sentiment on the overall economy weakened noticeably. The number of consumers reporting that their household income was significantly higher than it was a year ago dropped by 10 percentage points to just 8 percent in June.

In the latest survey, a higher number (59 percent) said they think the economy is on the wrong track. Plus, the net share saying they are not worried about losing their job fell by 4 percentage points to 68 percent. …

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