Where Is The Real Estate Market Headed?
There is renewed optimism concerning the real estate market. According to Fannie Mae’s most recent monthly survey, respondents are optimistic and confident that home prices will rise over the next year.
The percentage of respondents who believe home prices will rise increased slightly from last month. In addition, regarding their personal financial situation, there was a very significant 4 percent increase in optimism from last month.
Fannie Mae’s survey was not the only one to project such positive results; some of the others are listed below:
- In the fifth straight month homebuilders continue to show a positive outlook according to the NAHB/ Wells Fargo Housing Market Index.
- Total home sales rose 5.9 percent in the fourth quarter of 2011, which is a 9.2 percent increase from the fourth quarter of 2010.
- Mortgage delinquencies dropped to the lowest level in three years according to The Mortgage Bankers Association.
- In regards to the previously depressing job market, now it seems it is finally picking up. Applications for unemployment benefits have dropped to a new low.
- A new record was set when Weichert.com received the highest volume of web inquiries in one day.