WASHINGTON (1/9/15)--While Americans are becoming more optimistic about the economy, consumer confidence toward the housing market is lagging, according to results from Fannie Mae's December 2014 National Housing Survey.
Likely bolstered by a strengthening employment sector, the share of consumers who believe the economy is headed in the right direction improved by five percentage points to 41%.
Those citing that the economy is heading in the wrong direction declined to 51%, the fifth consecutive monthly decrease. Although the share of respondents who think it would be easy to get a mortgage today increased to 52%, tying the all-time survey high, the share who say their household income is significantly higher than it was 12 months ago has remained flat at 25%.
"Despite consistent and robust job growth in recent months, consumer attitudes toward housing remained cautious in the final month of 2014," said Doug Duncan, Fannie Mae senior vice president/chief economist. "Our survey results show that consumer housing sentiment has, on average, been moving sideways amid some improvement in the general view of the economy."
Also, the share of respondents who say home prices will go up in the next 12 months rose to 46%. The share who say home prices will go down increased to 8%. The share of respondents who say mortgage rates will go up in the next 12 months rose by three percentage points to 48%.