WASHINGTON, DC – The Fannie Mae Home Purchase Sentiment Index® (HPSI) fell 3.7 points in February to 85.8, reversing last month’s increase. The decline can be attributed to decreases in five of the six HPSI components. The net share of respondents who said now is a good time to buy a home decreased 5 percentage points compared to January. Additionally, the net share who reported that now is a good time to sell a home decreased 2 percentage points. The net share who said home prices will go up in the next 12 months decreased 7 percentage points in February, while the net share of consumers who said mortgage rates will go down over the next 12 months also decreased 7 percentage points. Americans expressed a weakened sense of job security, with the net share who say they are not concerned about losing their job decreasing 2 percentage points. Finally, the net share reporting that their income is significantly higher than it was 12 months ago increased 1 percentage point. …continue reading the rest of this post: Housing Confidence Falls, Remains Volatile
