Chicago, IL (PRWEB) April 28, 2014
An April 25th report from Thomas Reuters/University of Michigan shows that consumer confidence rose more than expected in April making lenders like Peoples Home Equity content. The Consumer Confidence Index increased from 80 in March to 84.10 in April. This index of consumer expectations observes is compiled from three tiers: how consumers view prospects for their personal financial situation, how they view prospects for the general economy over the near term, and how they view prospects for the general economy over the long term.
Looking back at the numbers of the consumer confidence index one can see on TradingEconomics.com that from 2008 until 2014 the average was 71.40, with the figures reaching their peak in July 2013 with 85.10. The record low level was recorded in November 2008 with 55.30. Over the years, the consumer confidence has been tested by making a survey with 50 core questions concerning the consumer`s attitudes and expectations. These surveys are statically designed to fit and be representative of all American households except for those in Alaska and Hawaii. Actual values, historical data, forecast, chart, statistics and economic calendar are provided by making a minimum of 500 interviews by telephone per month.
This survey`s gauge of consumer expectations beat the preliminary reading for April which was 73.3. This news bodes well or the states of housing and the economy in general. A more confident consumer is more likely to purchase a home, thus, producers like home builders sometimes get a barometer of demand and prices from this index.
Peoples Home Equity expects to see the increase in consumer confidence to be reflected in a continuation of home sales rising as well as surges in mortgage applications.