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Housing Attitudes Take Turn For The Worse

Monday, February 8, 2016

Affordability is becoming an issue based on more than just rising interest rates and rising home prices according to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae.  That index dipped by 1.7 points from December to January, resulting in a reading of 81.5.  Those results, the company said, reflected in part housing affordability constraints based on wages.

The HPSI distills answers to six critical questions from the monthly National Housing Survey into a single number.  The survey is conducted by Fannie Mae among a sample of 1,000 consumers, both homeowners and renters and is intended to gather their current views and forward-looking expectations of housing market conditions and address topics that are related to their home purchase decisions. The questions used to construct the index are those questions consumers as to whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier.

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