“More Americans Think Home Values Will Rise”
If the statistical stuff that was done by Fannie Mae is accurate, that tells me, that more and more people with look to buy. I am doing more preapprovals on a regular basis. I have our 5 loan processors right out straight, one of which told me, that if I sent her one more file, she was going to harm me. These are great problems to have.
It sounds to me that more folks are feeling better about the economy, knowing that a few months from now, there will be a new administration in place. That the country will begin the process of a new vision for our country, instead of a vision that bring our country into to what failed Europe looks like.
For many Americans, 2012 may be the year to own a new home and trade up on the mortgage, if results from Fannie Mae’s latest survey say anything.
The mortgage giant released results Monday that found 33 percent of respondents with the expectation that home prices will increase over the next year, a 5 percentage point climb from the month before and the highest over the last 12 months.
The respondents said that home prices could tick up by 0.9 percent over the next year, just as 39 percent of Americans agreed that mortgage rates will likely ascend in the next year.
Those who said it was a good time to buy rose to 73 percent, juxtaposing with 14 percent who said it was a good time to sell.
“Conditions are coming together to encourage people to want to buy homes,” Doug Duncan, VP and chief economist of Fannie Mae, said in a statement. “With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”
Sixty-six percent of survey respondents said they would buy their next home if they decide to move, a shift up from one point last month, with 30 percent saying they would want to rent.
Thirty-five percent believe the economy is on the right track, while 58 percent believe it is on the wrong track.
Twenty-one percent reported seeing their income rise higher than it was 12 months before.
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.