Fannie Mae: Optimism about housing market recovery in 2015 [VIDEO]
Posted on Monday, December 15, 2014 at 12:14:04 PM
It appears that 2015 could shape up to be a strong year for the U.S. housing market. According to a recent survey from government-sponsored enterprise Fannie Mae, consumers are optimistic about recovery in the new year.
The survey found that consumers' personal financial situations are improving, along with their overall outlook about housing. For instance, only 45 percent of those polled believe that residential financing rates will increase in 2015. In addition, 68 percent feel that now is a good time buy, while 39 percent think that it is a good time to sell.
"November's National Housing Survey results support the 2014 trend of gradual, but often sporadic and unspectacular improvement across a range of indicators measuring consumer attitudes toward housing - mirroring the uneven recovery in housing activity this year," said Doug Duncan, senior vice president and chief economist at Fannie Mae.
While optimism is on the rise, current trends are less than ideal. The Mortgage Bankers Association reported that mortgage applications dropped by 22 percent this November, while average loan size increased. This means that pricier homes are selling, while lower-level homes - those designed for first-time buyers - are staying on the market.