More Americans are optimistic that home prices will inch up over the next year, with expectations that prices will rise at least 1.4 percent in that timeframe. That marks the highest amount ever recorded in Fannie Mae’s monthly National Housing Survey.
Thirty-four percent — also the highest ever recorded — of the 1,000 respondents in the May housing survey say they expect to see a boost in home prices in the next year. Forty-one percent say they think mortgage rates also will rise over the next year.
“Both indicators suggest the potential that consumers may consider moving off the sidelines to purchase a home,” according to the survey.
Survey respondents also say they expect rental prices to continue to edge up over next year, projecting a 4.1 percent increase in that period.
More details at source: Fannie Mae and “Americans Expect 1.4% Increase in Home Prices: Fannie Mae” HousingWire (June 6, 2012)