The number of consumers who believe home prices will increase over the next year rose to record highs, according to Fannie Maeâ€™s February 2013 National Housing Survey, which polled more than 1,000 Americans to assess their attitudes toward housing. Forty-eight percent of consumers surveyed say they believe home prices will rise in the next 12 months, and 10 percent of consumers say they believe home prices will inch down, a survey low.
Overall, the survey showed that consumers are optimistic about the housing recovery, but that optimism isnâ€™t carrying over to the direction of the overall economy or household finances.
â€œDespite fiscal headwinds and political uncertainty, consumer sentiment toward housing is robust and continues to gather strength,â€ says Doug Duncan, senior vice president and chief economist at Fannie Mae. â€œWe expect home prices to firm further amid a durable housing recovery, gradually reducing the population of underwater borrowers and helping to boost the share of consumers who say that now is a good time to sell."
Among some of the surveyâ€™s other findings:
Source: Fannie Mae