Americans Believe Home Prices Have Bottomed says Fannie Mae Survey

Americans believe that home value prices have bottomed, though they still have an uncertain outlook on the housing market in general according to the latest National Housing Survey from Fannie Mae.

The survey results, which were accumulated in phone interviews with a random sampling of 3,001 members of the general public during July 2010, indicate that mortgage borrowers and underwater borrowers are less disheartened about home ownership, while delinquent borrowers and renters remained negative.

The study found that 70 percent of Americans think it’s a good time to buy a house, which is up from 64 percent in January, and 67 percent think housing is a “safe investment,” while 33 percent say they would likely rent their next home if they needed to move, up from 30 percent in January.

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“Although most Americans believe that home prices have bottomed, they are adopting a much more cautious approach toward buying,” said Doug Duncan, Vice President and Chief Economist, Fannie Mae. “Homeowners and renters alike continue to be wary of taking on risk, and they are less confident in the long-term outlook for housing.”

And though many Americans, at 70 percent, think it is a good time to buy a home, 54 percent think it would be “very difficult” or “somewhat difficult” to get a home loan today.  In fact, a recent report from Zillow found that one out of three homeowners is unable to get a loan because of their low FICO scores.

For a complete set of the survey’s results, including a breakdown of economic and housing attitudes among minority respondents, see here.

Written by Kelly Mellott

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