Markets & Economy

Finances, economy impact consumers’ opinions on housing

Those reporting a significantly lower income compared to 12 months ago increased to 15 percent

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Takeaways: The number of consumers who believe now is a good time to sell a home fell to 45 percent in July. Those who believe it is a good time to buy dropped to 61 percent -- an all-time survey low. The survey found that more consumers expect home prices and rents to increase in the next 12 months. Consumers’ attitudes toward owning and selling a home were less optimistic in July. According to Fannie Mae’s National Housing Survey, the number of consumers who believe now is a good time to sell a home fell by 7 percent to 45 percent in July. At the same time, those who believe it is a good time to buy dropped to 61 percent -- an all-time survey low. This dip in consumer’s real estate buying/selling confidence comes as more individuals reported a negative outlook regarding personal finances and the direction of the economy. The share of consumers saying the economy is on the wrong track rose by 3 percentage points to 54 percent in July. Additional...