Housing affordability continues to hover at an all-time high and a recent survey indicates consumers are catching on to the ideal buying conditions.
According to the survey from Fannie Mae, in March 73 percent of consumers said that now is a good time to purchase property, since home and rental prices are expected to surge by the end of 2012. This is a significant increase from the previous month when only 70 percent of Americans shared a similar sentiment.
"Conditions are coming together to encourage people to want to buy homes," said Fannie Mae vice president and chief economist Doug Duncan. "Americans' rental price expectations for the next year continue to rise, reaching their record high level for our survey this month.
Meanwhile, it was found that 37 percent of those polled feel the price of homes for sale will rise significantly by the end of the year. While this share is still somewhat low, it is a 5 percent increase from the previous month.
However, the mortgage giant found that 58 percent of Americans feel that the national economy is still headed in the wrong direction and 12 percent said they expect their financial situation to worsen as a result.
