Consumer confidence in the American housing market plunged to record low last month, according to a new survey.
Growing mortgage rates, higher home prices, and economic instability have led to increased pessimism in the housing market nationwide.
Only 16 percent of consumers surveyed said that they would consider buying a home in October, according to Fannie Mae’s monthly Home Purchase Sentiment Index® (HPSI).
The index fell 4.1 points in October to 56.7 for its eighth consecutive monthly decline—the lowest reading since the survey started in 2011.
In total, the HPSI is down 18.8 points year over year, which is in line with earlier projections that the housing market will continue its decline through next year….