For many Americans, 2012 may be the year to own a new home and trade up on the mortgage, if results from ""Fannie Mae's"":http://www.fanniemae.com/portal/index.html latest survey say anything.[IMAGE]
The mortgage giant released results Monday that found 33 percent of respondents with the expectation that home prices will increase over the next year, a 5 percentage point climb from the month before and the highest over the last 12 months.[COLUMN_BREAK]
The respondents said that home prices could tick up by 0.9 percent over the next year, just as 39 percent of Americans agreed that mortgage rates will likely ascend in the next year.
Those who said it was a good time to buy rose to 73 percent, juxtaposing with 14 percent who said it was a good time to sell.
""Conditions are coming together to encourage people to want to buy homes,"" ""Doug Duncan"":http://www.fanniemae.com/portal/about-us/company-overview/leadership/duncan.html, VP and chief economist of Fannie Mae, said in a statement. ""With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.""
Sixty-six percent of survey respondents said they would buy their next home if they decide to move, a shift up from one point last month, with 30 percent saying they would want to rent.
Thirty-five percent believe the economy is on the right track, while 58 percent believe it is on the wrong track.
Twenty-one percent reported seeing their income rise higher than it was 12 months before.