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Americans' Outlook on Housing Hits a 'Plateau,' Fannie Mae Says

blogs.marketwatch.com | September 10, 2013

By Ruth Mantell

Americans’ outlook on the housing market’s rebound “has hit a plateau,” with rising mortgage rates cutting into their expectations, according to survey data released Monday by federally controlled mortgage buyer Fannie Mae FNMA.

As home prices and sales rose this year, Americans have had a sunnier outlook on the market. But last month, expectations for annual home-price growth slightly slowed down, and fewer respondents said it’s a good time to buy or sell a home.

“The spike in mortgage rates associated with the possibility that the Fed will begin to wind down its asset purchase program later this month has dampened the improving trend in consumer sentiment regarding housing witnessed in our survey since the start of this year,” said Doug Duncan, Fannie Mae’s chief economist.

In August respondents to Fannie Mae’s survey said they expect home prices to rise 3.4% over the next 12 months, down half of a percentage point from the prior month’s annual forecast. Also, the share of respondents who said it was a good time to buy a home fell three points to 71%, while those who said it was a good time to sell dropped four points to 36%.

These attitudes are echoed in other housing-market data that show rising rates are curbing the housing market’s rebound. For example, since the average rate for a 30-year fixed-rate mortgage started rising in early May (it’s increased more than one point in the last few months), the number of loan applications to buy a home dropped 15%, while the number of refinancing applications  plunged 63%. Indeed, Well Fargo WFC , one of the country’s leading home lenders, reportedly expects to originate fewer mortgages this quarter.

Still, rates are only one factor that consumers consider during a home-purchase decision. Their job stability, family expectations and prices are also key issues.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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