Consumer confidence and home-buying plans fell to their lowest levels in more than a decade, according to the University of Michigan's Survey of Consumers. Consumer confidence plunged in September to its lowest level in more than 12 years, while consumer home-buying plans also fell to 10-year lows, according to the survey. The decline in home-buying plans was due to an increasingly negative reaction to high home prices, as consumers expressed in September the least favorable assessment in nearly a quarter century. "High gas prices had a devastating impact on consumers' budgets and caused consumers to expect a worsening financial situation during the year ahead," said Richard Curtin, director of the University of Michigan's Surveys of Consumers. Over the past 50 years, such steep and ...
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