General World News

Americans are deeply pessimistic about the housing market

Home prices have started to drop, but the decline has not been significant enough to brighten pessimism about the housing market.

Fannie Mae’s Home Purchase Sentiment Index (HPSI), which tracks the housing market and consumer confidence to sell or buy a home, dropped by 0.8 points in August to 62, marking its sixth consecutive decline. The government-sponsored enterprise attributed high home prices and mortgage rates to the decline, particularly weighing on home-selling sentiment. Year over year, the index is down 13.7 points.

On the seller side, 35% said it was a bad time to sell, rising from 27% in July. About details ⇒

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