HOME PRICES: A large majority of Americans (78 percent) believe that home prices either will remain flat or go up over the next year, up five points from the beginning of the year. Forty-seven percent believe prices will hold steady, while 31 percent think they will go up. This is a notable shift from January 2010, when these numbers were 36 percent and 37 percent, respectively.
Thirty-nine percent think rental prices will increase over the next 12 months, while 46 percent said they will stay the same. Consumers continue to believe it is a buyers' market; 70 percent said it is a good time to buy a house, up six points from January. However, 83 percent believe it is a bad time to sell a house.
GOOD TIME TO BUY, BAD TIME TO SELL: 70% of Americans think it is a good time to buy a house, up from 64% in January 2010, and 36% think now is a very good time to buy a house. More than three-quarters of Mortgage borrowers and Underwater borrowers think it is a good time to buy. 83% of Americans think it is a bad time to sell a house. 91% of Delinquent borrowers think it is a bad time to sell a house, with 67% thinking it is a very bad time to do so...
MORTGAGE RATES: Americans expect home mortgage interest rates to go up rather than down over the next year by a ratio of 5 to 1.Among the sub-groups, the highest percentages expecting mortgage interest rates to rise over the next 12 months are among Mortgage borrowers and Underwater borrowers. Delinquent borrowers are more likely than other groups to think rates will remain the same or go down.
IS BUYING A HOME A SAFE INVESTMENT ?: Fewer Americans consider buying a home a safe investment than in January 2010 or 2003.Although 67% of Americans think buying a house is a safe investment, this is down 3 points from January 2010 and 16 points from 2003 – the largest declines among all tracked alternatives over both timeframes. The perception that buying a home being is a safe investment has decreased among all sub-groups since January 2010, especially among Delinquent borrowers, Renters, and Underwater borrowers (down by 8, 7, and 6 points, respectively). Mortgage Borrowers and Owners view purchasing a house as a safer investment than the General Population and the rest of the sub-groups
QUALIFICATION: Most Americans think it would be difficult to get a home loan today. However, this sentiment is waning: 42% of Americans think that it would be somewhat easy or very easy to get a home loan today up 7 points since January 2010. The vast majority of Delinquent borrowers continue to believe it would be difficult.
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