Consumer confidence in the housing market rose in September nearly to its record high, driven mostly by positive sellers' attitudes and home price strength. Fannie Mae's Home Purchase Sentiment Index rose to 83 point 8 for the month of September following a two-month decline and up 3 points from August.
The Good Time to Sell component increased 13 points in September compared to the prior month, with 52 percent indicating that it was a good time to sell. The Good Time to Buy component increased three points as rising rental prices may be pushing more consumers toward purchasing a home. Of those surveyed, 64 percent indicated that it was a good time to buy a home in September, up one percentage point from August.
The Consumer Financial Protection Bureau announced on Wednesday it is considering a proposal that would prevent consumer financial companies from using free pass arbitration clauses that would prevent consumers from bringing class action lawsuits to obtain relief. These arbitration clauses are typically buried in contracts for consumer financial products and deny consumers the right to sue companies in groups. Companies can use the free pass to avoid class action lawsuits from consumers that would require them to hand out big refunds.