By Jann Swanson | Mortgage News Daily
Fannie Mae’s Home Purchase Sentiment Index (HPSI) reversed a five-month long decline in January, posting a 2-percentage point increase. The Index, which summarizes consumer responses to six questions from Fannie Mae’s monthly National Housing Survey, was at 82.7 following the January gain, 1.2 percentage points higher than in the January 2016.
Four of the six components in the survey rose in January. The net share of Americans who believe that home prices will go up in the next 12 months increased by 7 percentage points to a net of 42 percent. While not a component of the HPSI, the percentage increase in home prices expected by survey respondents rose from 2.1 percent in December to 3.2 percent.
