The latest Fannie Mae National Housing Survey results showed that Americans are optimistic about the Real Estate Status right now as observed in the gradual but continuous homeownership climb followed by a series of mortgage rate decreases throughout the summer. The results of the survey last month exhibited that the largest percentage of Americans believed that it's a good time to sell a house, along with the expectation that home prices will increase an average of 1.5% in 2013 and 33% of the respondents believed that mortgage rates will increase in the next 12 months, which is 7% lower than the last survey. The survey also revealed that 19% of the respondents believed that now is a good time to sell which is by far the highest level in percentage since the survey began in June 2010. In fact, 69% of the respondents said they would buy (rather than rent) if they were going to move.
37% of those surveyed expect that home prices will go up in 2013, 33% of the respondents also believe that mortgage rates will go up next year, and 72% of the respondents believe that now is a good time to buy. Consumer optimism shows positive results in September as well, and 44% of the respondents expect their personal financial situation to improve over the next year.
In relation to this, 41% of the consumers now believe that the economy is on the right track as compared to last month's 33%, and 53% believed that the economy is on the wrong track, showing a significant decrease as compared to last month's result, which showed that 60% believed that the economy in on the wrong track. Both the right track and wrong track figures mark the highest and the lowest readings, respectively, since the survey began June 2010.