Consumers Think It’s a Terrible Time To Buy, But They’re Also Fairly Terrible Housing Forecasters
Fannie Mae conducts a monthly survey on homebuying sentiment, officially known as the Hope Purchase Sentiment Index (HPSI). It tracks buyer/seller attitudes on whether its a good time to buy/sell in addition to price/rate expectations. Given the ongoing surge in prices and the recent surge in rates, the latest results hold few surprises.
One thing to understand about the HPSI is that it benefits from components that don't necessarily have a positive impact on the housing market--at least not directly. For instance, price trends, employment, and income all factor into the headline number. These components are the only things preventing the HSPI from sending its purest message, but when we look at the "good time to buy" component, the message is clear:
Fannie only started col
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