Americans Say Now Is A Good Time To Buy

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A majority of surveyed Americans said they think now is a good time to buy a house, according to the most recent National Housing Survey from Fannie Mae. But though 64 percent of respondents said now is a good time to buy, that number has fallen six percentage points since June. Doug Duncan, Fannie Mae’s senior vice president and chief economist, said the change is due to a lack of income growth. “To date, this year’s labor market strength has not translated into sufficient income gains to inspire confidence among consumers to purchase a home, even in the current favorable interest rate environment,” Duncan said. Still, the number of participants who said they felt it would be easy for them to get a mortgage rose from the month before and the percentage of respondents who said they expect their personal financial situation to get better over the next year also increased. According to the release, the housing market’s recovery may pick back up in 2015, after an up-and-down 2014. Fannie Mae’s survey polls 1,000 Americans to assess their attitudes toward homeownership, home price changes, the economy, household finances, and overall consumer confidence. More here.

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