Nearly 80 percent of Americans (78 percent) say the economy is on the wrong track and 27 percent believe home prices will go down over the next year, according to findings from Fannie Mae’s August National Housing Survey. Additionally, 22 percent of Americans polled expect their financial situation to worsen over the next year – the highest levels of pessimism for both indicators since August 2010. For the third consecutive month, Americans reported they expect home prices to decline over the next year. On average, Americans expect home prices to decline by 0.5 percent, compared with an expected decline of 0.3 percent in July.
While 69 percent of respondents say it is a good time to buy a home, only 9 percent of those polled say it is a good time to sell one's home.
The number of Americans who expect their personal financial situation to worsen over the next year increased for the fourth month in a row, rising to 22 percent in August compared with 20 percent in July.
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