Industry News

Home-buying attitudes hit 15-year low

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Consumer confidence fell in February as home-buying attitudes dropped to their lowest level in 15 years, according to the University of Michigan's Survey of Consumers released today. "The latest survey indicates that consumers have adopted a less favorable outlook for economic growth, expressed heightened concerns about potential increases in unemployment, and no longer anticipate any additional declines in the inflation rate," according to Richard Curtin, the director of the University of Michigan's Surveys of Consumers. The Index of Consumer Sentiment was 86.7 in the February 2006 survey, down from 91.2 in January and 94.1 in February 2005. The Index of Consumer Expectations, a closely watched component of the Index of Leading Economic Indicators, fell to 74.5 in February, from 78.9 in January and 84.4 in the February 2005 survey. The Current Economic Conditions Index was 105.6 in February, down from 110.3 in January and 109.2 in the February 2005. Favorable home-buying attitudes f...