Industry News

Home-buying plans lowest since 1990

Survey: Consumer confidence rebounds, but still weak in August

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Consumers' attitudes about home buying remained low in August, with home-buying plans falling to the lowest level since 1990, according to a consumer confidence report. Overall consumer confidence remains weak, but the pace of decline slowed significantly in late August from the July level, according to a survey released today. The overall confidence rebound was mainly due to the decline in gas prices since the start of August. "Despite the remarkable resilience of consumers, the data does not indicate a renewed upsurge in consumer spending but that consumers will remain cautious spenders rather than engage in sharp recessionary cutbacks," according to Richard Curtin, the director of the University of Michigan's Survey of Consumers, which releases the report. The clear exception involved housing. "Consumers held the least favorable home-buying plans since the low point in the 1990 recession, which indicates continued declines in sales of new and existing homes during the year ahead...