Rasmussen: Confidence in Housing Market Hits Low for Year

Friday, 20 Jul 2012 12:44 PM

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Confidence in the U.S. housing market has hit its lowest point all year, a Rasmussen Report survey finds.

A nationwide telephone survey of homeowners shows that just 18 percent expect their home’s value to rise over the next year, down four points from June, Rasmussen reported, adding 25 percent expect home values to go down over the next year, while 51 percent say they will remain about the same.

Long-term confidence in the housing sector appears to be waning as well.

Editor's Note: Economist Warns: ‘Money From Heaven a Path to Hell.’ See Evidence.

The Rasmussen survey found that 38 percent of homeowners believe the value of their home will go up over the next five years, a 13-point drop from last month and among the lowest findings in three years of surveying.

Fifteen percent expect values to go down during the next five years, while 36 percent predict that they will remain about the same.

"Confidence in home values over the short- and long-term is at the lowest point since late 2011," Rasmussen Reports said.

The housing sector saw some good news recently when the Commerce Department reported that housing starts rose 6.9 percent in June to a seasonally adjusted annual rate of 760,000 units.

The figure was the highest since October 2008.

"The missing link, the housing market, is slowly coming back and that is one reason we can hope that growth is not [as] weak as believed," Joel Naroff, president and chief economist at Naroff Economic Advisors, wrote in a note to clients, according to U.S. News & World Report.

Editor's Note: Economist Warns: ‘Money From Heaven a Path to Hell.’ See Evidence.

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