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Economic Uncertainty Could Bring Home Buying Woes

October 8, 2019

Consumer confidence is continuing to fall as economic uncertainty grows, according to a recent report. Findings from Fannie Mae's Home Purchase Sentiment Index shows a strong overall sentiment but the housing market is still seeing some effects from economic uncertainty.

 

"Consumers who are pessimistic about current housing market conditions are more likely to cite unfavorable economic conditions than the prior month. Job confidence remains high but still well shy of its July reading," said Doug Duncan, Fannie Mae’s senior vice president and chief economist, according to HousingWire.

 

"According to the index, the net share of Americans who say they are not concerned about losing their job fell 8 percentage points during September."

 

Meanwhile, the report also revealed that more than 100 housing experts and economists believe the next recession could be as close as 2020. With Americans possibly facing the threat of being laid off, home buying seems to be on the back burner for many.

 

"If the U.S. enters a recession in the next two years, it will likely be caused by the global trade war," said Daryl Fairweather, Redfin chief economist, according to HW.

 

To learn more about the current economic climate and how it is affecting the home buying sentiment, click on the image above

 

 

 

 

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