A new survey by Fannie Mae finds that Americans are less certain that the housing market has bottomed and continue to be wary of buying a home.
The percentage of Americans who think it is a good time to buy a home declined 2 percentage points to 68 percent in the latest survey, while the percentage of Americans who think it is a bad time to buy a home increased 3 percentage points to 29 percent, according to the survey. Similar to the last survey, an overwhelming majority of Americans (85 percent) believe it is a bad time to sell a home, up 2 percentage points since June.
One-quarter of respondents think that home prices will rise during the next 12 months, 6 percentage points lower than in the second quarter survey, while 22 percent expect home prices to decline, an increase of 4 percentage points. Americans continue to believe that rental prices will rise more than home prices and continue to believe that rental prices will go up rather than go down by a ratio of almost 4 to 1.
Source: Fannie Mae
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