Housing confidence: Americans are growing more confident in the housing
market even as the outlook on employment and the rest of the is still pretty
In Fannie Mae's June monthly housing survey of just over 1,000 U.S. adults, 35 percent of respondents said they expect home prices to rise in the next 12 months, the highest percentage in the survey's history. Another 48 percent expect home prices to stay about the same.
Seventy-three percent say it's a good time to buy a house, matching a record high, while 15 percent say it's a good time to sell.
But meanwhile, 57 percent of respondents say the economy is on the "wrong track," and the percentage of people who believe their personal financial situation will get better over the next 12 months has dropped 4 percentage points from a year ago, landing at 42 percent.
In the wake of bad employment news, The Wall Street Journal Developments blog last week wrote:
Home sales started the year strong, fueled by record affordability and the sense that the economy was getting better. But the third straight month of weak job growth could give consumers pause. People don't buy houses when they don't feel great about their job prospects.
The question now: How long can the housing market shrug off weak job growth, not to mention the continued problems in Europe and looming spending cuts here at home?
Can both be true? Can housing do better while the rest of the economy drags? And for how long?
Improving Markets: The National Association of Home Builders list of improving markets in grew to 84 out of 360 markets in July. That's down from 101 in April, but up from 80 in June, when all three Oregon markets that had made the list fell off. The list includes markets that have seen six straight months of improvement in home prices, employment and new home permits.
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