By Jann Swanson | Mortgage News Daily
Fannie Mae’s Home Purchase Sentiment Index (HPSI), an outgrowth of its National Housing Survey, pulled back a bit in June, largely due to weakened optimism about household income and the direction of home prices which offset some positive changes from the previous month. The Index dipped by 2.1 percentage points to 83.2 from the all-time high of 85.3 reached in May.
The opinion that it is currently a good time to sell a home increased by 5 percentage points on net to a survey high of 18 percent, with 54 percent responding in the affirmative. Those saying now is a good time to buy a home rose 3 percentage points on net to 32 percent. The share of consumers who expect home prices to go up over the next 12 months dropped 9 percentage points to a net of 33 percent while those expecting mortgage rates to go down decreased slightly from a net of -43 percent to -41 percent.
