November 07, 2011Fannie Mae Releases October Consumer Indicators
WASHINGTON, DC – Americans continue to be pessimistic about home prices, the economy, and personal finances, according to results from Fannie Mae's October National Housing Survey. Findings show that consumers have experienced stagnant incomes over the past year and do not expect their personal financial situations to improve over the next twelve months.
“The October survey showed that consumers’ outlook for the housing market has remained downbeat, as they expect home prices to decline over the next year, extending the streak of negative outlooks to five consecutive months.” said Doug Duncan, vice president and chief economist of Fannie Mae. “More positive economic headlines over the past month failed to lift consumers' moods. While their views regarding their personal finances and the direction of the economy have not deteriorated further, it is discouraging to see the lack of appreciable improvement after overall sentiment took a hit during the debt ceiling debate in August.”
“The fact that sentiment appears to be in a holding pattern at depressed levels is a cause for concern for the development of the housing market and for the economy as a whole, as there will be no meaningful economic recovery without a housing recovery,” Duncan stated.
The Economy and Household Finances
Homeownership and Renting
The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,002 Americans via live telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.
For detailed findings from the October 2011 survey, as well as technical notes on survey methodology and the questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The October 2011 Fannie Mae National Housing Survey was conducted between October 3, 2011 and October 26, 2011. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.