Confidence in US housing market hits a new low: Fannie Mae

Source: Fox Business — 

Consumer confidence in the U.S. housing market has tumbled to the lowest level on record as rapidly rising mortgage rates and high home prices force potential buyers to pull back.

In October, just 16% of consumers said they feel that now is a good time to buy a home, according to a monthly survey by Fannie Mae. The marks the lowest percentage since the survey’s inception in 2011. 

Americans are also increasingly alarmed about the prospect of selling a home: The share of respondents who think it’s a good time to sell fell from 59% to 51%.