February 11th, 2019
Starting the week off right: Fannie Mae says home affordability could be, wait for it….improving?
That’s what it looks like, as consumer sentiment is on the rise. According to the GSE’s Home Purchase Sentiment Index, January saw a 1.2 point increase, mostly attributed to an increase in the net share of Americans who reported substantially higher household income today compared to a year ago. At the same time, the net share of US consumers who think it’s a good time to buy a home jumped 4% from last month. Doug Duncan, chief economist at Fannie Mae, stated, ““Movement among the HPSI components points to possible housing affordability relief at the start of 2019. The net share of consumers expecting home prices to increase over the next year has declined further, falling to the lowest level since late 2012. Meanwhile, consumer perceptions of household-income growth have improved, with the net share noting rising income over the past year hitting a survey high.”
This week, make sure to be mining your database and getting in touch with borrowers who may be able to benefit from the positive trends we’re seeing in today’s market!