Consumer confidence in economy improves
Posted on Friday, January 13, 2012 at 9:05:25 AM
According to Fannie Mae's December National Housing Survey, American consumer confidence improved in the last month. Overall, levels of optimism among consumers have seen a definitive up-tick - keeping with the patterns that began emerging toward the end of 2011.
American's that reported the economy was on the right track rose by six percent since November 2011. This is coupled with a more positive outlook on personal financial well being and an increase in home prices. For the first time since February 2011, more Americans feel that their financial situation will get better over the course of the upcoming year. In the past, consumers felt their financial stability would remain uncertain. This confidence may promote residential financing in 2012.
"December attitudes have rebounded from the lows seen during the debt ceiling debate and economic deterioration of Europethis past summer. There is marked improvement in consumer sentiment regarding the direction of the economy, personal finances and future home price expectations," said Doug Duncan, vice president and chief economist of Fannie Mae.
The over all improvement in the housing market and personal financial situation may assist in providing the necessary push for more applications for a home loan in 2012.