The expectation for home prices and the percentage of those who think the U.S. economy is on the right path reached record highs in Fannie Mae’s April 2012 National Housing Survey.
The Fannie Mae survey polled a nationally representative sample of 1,000 respondents aged 18 and older between April 4, 2011 and April 27, 2012.
I’m sorry to say that the Fannie Mae poll may only reflect a mere flicker of hope. After the poll was completed, troubling unemployment numbers were released, and since a stronger housing market depends on an improving labor market the latter information undermined the former.
The recent unemployment numbers do “not provide comfort that the current environment supporting the housing market is brightening. Whether recent improvement in sentiment will translate into a stronger market for home sales depends on near-term developments in the labor market.” says Doug Duncan, Chief Economist at Fannie Mae.
I tend to agree, and while I hope that the poll is more than an aberration, I’m doubtful.
What do you think about the housing market?