Chicago, IL (PRWEB) July 16, 2014
Lenders such as The Federal Savings Bank noted that government-sponsored enterprise and loan guarantor Fannie Mae released its latest June National Housing Survey, and the latest edition showed signs that the housing recovery is on a slower pace.
The GSE surveyed 1,000 Americans via telephone to get their opinions on key factors that affected growth of the national real estate market. This includes consumer sentiment about the direction of home and rental prices, access to a low cost mortgage, finances, and the economy and whether owning a home or renting is the better housing choice.
Based on responses for the June survey, Fannie Mae concluded that the U.S. housing industry has a ways to go before it returns to normal levels.
"Since we began collecting monthly National Housing Survey data in June 2010, we've seen substantial progress in consumer home price expectations and other key attitudinal measures as the housing recovery gained its footing," said Doug Duncan, Fannie Mae senior vice president and chief economist. "Still, we do not expect to see 'normal' levels of new residential construction, in the region of 1.6 million new housing units per year, before the end of 2016, our original projection. Such a feat would require a pace of growth in housing starts not seen in decades."
Here's what the data revealed:
The Federal Saving Bank believes those wishing to purchase a home now can hedge against the risk of higher rates in the future by getting approved for a mortgage now. The lender also thinks now is the time to do this given that home price growth has slowed.
For information about getting a low rate mortgage before anticipated interest increases, contact the Federal Savings Bank, a veteran owned bank.