If the results of Fannie Mae's recent survey accurately portray their attitudes, Americans appear to have increasingly realistic expectations of the housing market. Data from the June survey indicate that Americans are resigned to lower house prices and higher rents and have come to expect rock bottom interest rates.
The Fannie Mae National Housing Survey polls 1,000 home owners and renters each month to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, household finances, and overall consumer confidence then compares the results to answers to the same survey conducted monthly since June 2010.
Respondents' expectations regarding home prices have plummeted since the May survey. At that point Americans expected home prices to increase an average of 0.7 percent over the next 12 months. In the June survey the expectation was for a 0.5 percent decline. This is only the second time in the 13 months of the survey that respondents projected a decline in prices. In August the average expected price change was less than -0.01 percent. The number of Americans who expect prices to rise dropped 6 points to 22 percent while there was a 6 point rise in the numbers who expect it to drop, now 25 percent. Forty-nine percent anticipate no change; identical to May.
In light of this, our advice for buyers is to remain focused on bank owned REO foreclosures when you can find one. That's becoming more and more difficult as the REO asset managers have tightened up the flow of available properties. We've seen REOs priced at fair market value and in some instances above, but there are enough real deals to be found that it's worth the hassle of dealing with the banks.
Manhattan Beach REO Foreclosure MLS Listings condos townhomes houses
Hermosa Beach REO Foreclosure MLS Listings condos townhomes houses
Redondo Beach REO Foreclosure MLS Listings condos townhomes houses
El Segundo REO Foreclosure MLS Listings condos townhouses houses
Rancho Palos Verdes REO Foreclosure MLS Listings condos townhouses houses
Rolling Hills REO Foreclosure MLS Listings condos townhomes houses
Rolling Hills Estates REO Foreclosure MLS Listings condos townhomes houses
Torrance REO Foreclosure MLS Listings condos townhouses houses
Lomita REO Foreclosure MLS Listings condos townhomes houses
San Pedro REO Foreclosure MLS Listings condos townhomes houses
Hawthorne REO Foreclosure MLS Listings condos townhomes houses
Gardena REO Foreclosure MLS Listings condos townhomes houses
Lawndale REO Foreclosure MLS Listings condos townhomes houses
Inglewood REO Foreclosure MLS Listings condos townhomes houses
Carson REO Foreclosure MLS Listings condos townhomes houses
Culver City REO Foreclosure Listings MLS
Palms-Mar Vista REO Foreclosure Listings MLS
Santa Monica REO Foreclosure Listings MLS
Venice REO Foreclosure Listings MLS
Marina Del Rey REO Foreclosure Listings MLS
Playa Del Rey REO Foreclosure Listings MLS
Playa Vista REO Foreclosure Listings MLS
Westchester REO Foreclosure Listings MLS
Beverly Hills REO Foreclosure Listings MLS
Bel Air - Holmby Hills REO Foreclosure Listings MLS
Hancock Park REO Foreclosure Listings MLS
Westwood - Century City REO Foreclosure Listings MLS
Pacific Palisades REO Foreclosure Listings MLS
Malibu Foreclosure REO Listings MLS
The Fannie Mae National Housing Survey polls 1,000 home owners and renters each month to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, household finances, and overall consumer confidence then compares the results to answers to the same survey conducted monthly since June 2010.
Respondents' expectations regarding home prices have plummeted since the May survey. At that point Americans expected home prices to increase an average of 0.7 percent over the next 12 months. In the June survey the expectation was for a 0.5 percent decline. This is only the second time in the 13 months of the survey that respondents projected a decline in prices. In August the average expected price change was less than -0.01 percent. The number of Americans who expect prices to rise dropped 6 points to 22 percent while there was a 6 point rise in the numbers who expect it to drop, now 25 percent. Forty-nine percent anticipate no change; identical to May.
In light of this, our advice for buyers is to remain focused on bank owned REO foreclosures when you can find one. That's becoming more and more difficult as the REO asset managers have tightened up the flow of available properties. We've seen REOs priced at fair market value and in some instances above, but there are enough real deals to be found that it's worth the hassle of dealing with the banks.
Manhattan Beach REO Foreclosure MLS Listings condos townhomes houses
Hermosa Beach REO Foreclosure MLS Listings condos townhomes houses
Redondo Beach REO Foreclosure MLS Listings condos townhomes houses
El Segundo REO Foreclosure MLS Listings condos townhouses houses
Rancho Palos Verdes REO Foreclosure MLS Listings condos townhouses houses
Rolling Hills REO Foreclosure MLS Listings condos townhomes houses
Rolling Hills Estates REO Foreclosure MLS Listings condos townhomes houses
Torrance REO Foreclosure MLS Listings condos townhouses houses
Lomita REO Foreclosure MLS Listings condos townhomes houses
San Pedro REO Foreclosure MLS Listings condos townhomes houses
Hawthorne REO Foreclosure MLS Listings condos townhomes houses
Gardena REO Foreclosure MLS Listings condos townhomes houses
Lawndale REO Foreclosure MLS Listings condos townhomes houses
Inglewood REO Foreclosure MLS Listings condos townhomes houses
Carson REO Foreclosure MLS Listings condos townhomes houses
Culver City REO Foreclosure Listings MLS
Palms-Mar Vista REO Foreclosure Listings MLS
Santa Monica REO Foreclosure Listings MLS
Venice REO Foreclosure Listings MLS
Marina Del Rey REO Foreclosure Listings MLS
Playa Del Rey REO Foreclosure Listings MLS
Playa Vista REO Foreclosure Listings MLS
Westchester REO Foreclosure Listings MLS
Beverly Hills REO Foreclosure Listings MLS
Bel Air - Holmby Hills REO Foreclosure Listings MLS
Hancock Park REO Foreclosure Listings MLS
Westwood - Century City REO Foreclosure Listings MLS
Pacific Palisades REO Foreclosure Listings MLS
Malibu Foreclosure REO Listings MLS
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