Confidence in Housing Market Rose in February

Consumer confidence in the residential property market continues to strengthen, according to Fannie Mae’s national housing survey for February. The poll of more than 1,000 Americans reveals that home prices are expected to rise 2.9 percent over the next year, up from the 2.4 percent increase forecast in January. Meanwhile, 48 percent expect prices to rise over the next 12 months — a survey high — and respondents who believe they will fall held steady at the survey low of 10 percent. Additionally, 25 percent of respondents believe now is a good time to sell — the highest level since the survey began in June 2010. “We 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,” notes Fannie Mae chief economist Doug Duncan. | Read More