Consumer Expectations on Housing Remain Upbeat Amid Cautious Economic and Financial Outlook; Pickup in July Jobs Growth May Help Ease Americans' Concerns
Americans' confidence in the economy and their personal finances continues to stall but this has not interrupted their more recently positive outlook on the housing market, according to results from Fannie Mae's July 2012 National Housing Survey. While the July employment picture was encouraging, it is too soon to see it as a signal of a meaningful pickup in economic growth or in consumer outlook for the overall economy.
"Not surprisingly, we see consumers' attitudes about their household finances remain cautious in this month's survey, and they continue to show signs of job worries and financial stress," said Doug Duncan, senior vice president and chief economist of Fannie Mae. "However, it is encouraging to see that consumer expectations regarding housing largely continue to be upbeat. The recent July jobs report showing the strongest nonfarm payroll gain in five months should help to ease consumers' fear that the economic expansion is faltering. Improvement in the labor market, if sustained, would help bolster the upward trend of consumer attitudes toward housing, which so far has been a glimmer of light amid a dimming economic outlook."
Fannie Mae's monthly national consumer attitudinal survey report provides indicators offering a window into the opinions of Americans across the country. These behavioral insights convey what consumers think about the outlook for owning and renting a home and about their household finances, and may serve as key inputs for determining the future course of investment across housing types.
On this webpage you will find a news release with highlights from the survey results, the July 2012 Data Release highlighting 11 consumer attitudinal indicators, a podcast containing highlights from this month’s survey, technical notes providing in-depth information about the survey methodology, the questionnaire used for the survey, and a comparative assessment of the Fannie Mae National Housing Survey and other consumer surveys.