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Americans Feel More Confident About Housing: Survey

Consumer sentiment climbed higher last month despite historically low conditions, with Americans by and large feeling more optimistic about housing, according to ""Fannie Mae"":http://www.fanniemae.com/portal/index.html.

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In conducting its December National Housing Survey, the GSE polled 1,000 respondents with questions about the economy and housing conditions at large.

The big picture? More Americans expect a better New Year for their financial circumstances, higher home prices and mortgage rates, and steadily improving conditions for the housing market.

├â┬ó├óÔÇÜ┬¼├àÔÇ£December attitudes have rebounded from the lows seen during the debt ceiling debate and economic deterioration of

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Europe this past summer,├â┬ó├óÔÇÜ┬¼├é┬Ø ""Doug Duncan"":http://www.isurvived2011.com/on-the-panel/doug-duncan, VP and chief economist with Fannie Mae, said in a statement.

├â┬ó├óÔÇÜ┬¼├àÔÇ£There is marked improvement in consumer sentiment regarding the direction of the economy, personal finances, and future home price expectations,├â┬ó├óÔÇÜ┬¼├é┬Ø he added.

The number of respondents agreeing with notions that economy is on the right track went up six percentage points to crest at 22 percent, compared with 69 percent for Americans who believe it is still on the wrong track.

Forty percent of respondents predicted that their financial situations would improve over the next 12 months, a higher average than those in the negative for the first time since early 2011. By the same token, 21 percent of Americans said their income had grown significantly higher, reflecting a 5-percentage point shift upward.

Housing-related issues drew more confidence. Twenty-six percent of those surveyed anticipate that home prices will appreciate by 0.8 percent over the next year, up from 0.2 percent in November, with 18 percent suggesting that home prices will decline by 4 percentage points and 52 percent offering that figures will stay flat.

Of the respondents, 71 percent believe it is a good time to buy a new home, a move upward-bound by 3 percentage points since last month.

Sixty-four percent reported wanting to buy their next home, while 31 percent wanted to rent their next homes.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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