Fannie Mae's Home Purchase Sentiment Index measures how Americans feel about their personal financial situation, the overall economy, and the housing market. Based on a monthly survey, the index asks respondents for their perception of home prices and mortgage rates, whether they feel secure in their job and finances, and whether they think it's a good time to buy or sell a home. July's results show Americans feeling more confident in their personal financial situation, with the share saying they aren't concerned about losing their job up 6 percent and 71 percent saying their household income is steady. Housing market measures, on the other hand, show Americans are still concerned about affordability. “While consumers are reporting confidence in the components related to their personal financial situations, it's unlikely we'll see housing sentiment catch up to other broader economic confidence measures until there is meaningful improvement to home purchase affordability,” Doug Duncan, Fannie Mae's senior vice president and chief economist, says. Still, a majority of survey participants say it's a good time to sell a house and a rising number see mortgage rates decreasing over the next year.
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