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American's attitude flounders in relation to housing market

Posted on Tuesday, September 9, 2014 at 9:51:49 AM

Only a few years ago, the Great Recession put a damper on the U.S. housing market and consumer sentiment toward this segment of the economy. Since that time, the country has climbed out and continued on a path toward success, but recent conditions have once again put a damper on momentum.

According to Fannie Mae, Americans' current attitudes toward the housing market are losing steam. A few recent months have seen impressive growth and recovery, but the new trends indicate a bit of a return toward normal. This means that improvements will be less substantial, although still present, in 2015.

"The August National Housing Survey results lend support to our forecast that 2015 will likely not be a breakout year for housing," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "The deterioration in consumer attitudes about the current home buying environment reflects a shift away from record home purchase affordability without enough momentum in consumer personal financial sentiment to compensate for it."

If you are interested in affordable residential financing and buying a new home, make sure you take the right steps to navigate this fluctuating housing market climate. According to Bankrate, you must check your credit score in advance. Lending standards change, and going into the process without an understanding of your score can be risky. So, do your research and get prepared for the financial investment.