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Housing Market Optimism Begins To Grow

Fannie Mae's monthly Home Purchase Sentiment Index is based on a survey of Americans which asks for their opinion on buying/selling a home, mortgage rates, prices, their job and financial security. The index hopes to capture Americans' general feeling about the housing market. In March, it found respondents slightly more optimistic than the month before. In fact, the share who say it's a good time to buy was up 4 percent and the share who say it's a good time to sell rose 2 percent. Doug Duncan, Fannie Mae's senior vice president and chief economist, says it's a sign consumers have adjusted their expectations. “The HPSI remained relatively flat in March, but we're seeing signs that consumers may be adjusting their expectations for the housing market to better accommodate the higher mortgage rate and home price environment,” Duncan said. But while Americans are feeling better about buying or selling a home, they also believe prices and mortgage rates will continue to increase over the next 12 months – an indication that affordability concerns persist.

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