After several months in a row of overall positivity in regard to the status of the U.S. housing market, the American public seems to have done an about-face in July.
According to Mortgage News Daily, the percentage of respondents who believe now is a good time to sell a house dropped by a huge 7 percent. Similarly, those who believe it is a good time to buy dropped to an all-time low of 61 percent.
“Consumer attitudes toward housing slid back this month,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The share of consumers who think it’s a good time to sell a home posted a sizable decrease from a record high in the prior month, even as home price change expectations strengthened. Deteriorating consumer assessments of income growth over the past year as well as increased caution around the direction of the economy and personal financial expectations may be contributing to the pullback in sentiment. Still, it is premature to read too much into this month’s results as the survey was taken around the time of increased global turmoil, including Greece’s potential default and China’s stock market plunge, which has receded somewhat. Most of our key indicators are as strong or stronger than they were at this time last year, which is indicative of an improving housing market this year.”
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