More Consumers Positive On Housing, But Not Quite Ready to Leave the Sidelines

Results from Fannie Mae's April 2015 National Housing Survey™ show some improvement in housing sentiment, but likely not enough to trigger any breakout improvements in housing market activity this year. Among those surveyed, the share saying they would prefer to buy a home if they were to move increased to 63 percent in April, following a drop of six percentage points in February and March. In addition, average home price growth expectations continued their steady climb from late last year, with respondents now saying home prices will increase by 2.8 percent during the next 12 months. However, the share who believe this is a good time to buy a home decreased by four percentage points as consumer concerns regarding high home prices surged for a second consecutive month, matching renewed concerns regarding the state of the economy. These data points as a whole mirror Fannie Mae's Home Purchase Sentiment Index (expected to be released this summer), which has remained largely flat since last fall, further suggesting that housing growth may remain subdued in 2015.

"The spring and summer home buying season has gotten off to a stronger start, reflected in some of the improvement in consumer housing sentiment," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "The share of consumers who intend to own rather than rent their next home rebounded after a two-month slide. Meanwhile, home price growth expectations strengthened to the strongest pace since last October. Nevertheless, consumers continue to express concerns about the recent weakening economic conditions and high home prices. These combine to depress the share of consumers believing it is a good time to buy a home. When we consider both the continued caution of consumers and the positive start to the year, we believe that these results support our expectation that 2015 will be a year of modest growth in housing activity."

SURVEY HIGHLIGHTS

Homeownership and Renting

• The average 12-month home price change expectation rose to 2.8 percent.
• The share of respondents who say home prices will go up in the next 12 months fell to 46 percent. The share who say home prices will go down fell to 7 percent.
• The share of respondents who say mortgage rates will go up in the next 12 months stayed constant at 52 percent.
• Those who say it is a good time to buy a house fell to 63 percent, while those who say it is a good time to sell remained at 46 percent – tying last month's survey high.
• The average 12-month rental price change expectation rose to 4.1 percent.
• The percentage of respondents who expect home rental prices to go up rose to 54 percent.
• Those who think it would be easy to get a home mortgage increased by 2 percentage points to 52 percent, while those who think it would be difficult remained at 46 percent.
• The share who say they would buy if they were going to move rose 3 percentage points to 63 percent, while the share who would rent fell to 32 percent.

The Economy and Household Finances

• The share of respondents who say the economy is on the right track decreased by 1 percentage point to 42 percent, while those who say the economy is on the wrong track rose by 1 percentage point to 49 percent.
• The percentage of respondents who expect their personal financial situation to get worse over the next 12 months fell to 10 percent – matching the survey low.
• The share of respondents who say their household income is significantly higher than it was 12 months ago rose 2 percentage points to 24 percent.
• A new survey low, 29 percent of respondents say their household expenses are significantly higher than they were 12 months ago. A survey high, 60 percent say their expenses are the same.

The most detailed consumer attitudinal survey of its kind, Fannie Mae's National Housing Survey™ polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). To reflect the growing share of households with a cell phone but no landline, the National Housing Survey has increased its cell phone dialing rate to 60 percent as of October 2014. For more information, please see the Technical Notes. Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

Consumer Optimism Toward the Economy Reaches New All-Time Survey High

Amid continued strengthening in employment, consumer optimism toward the economy is growing and appears to be contributing to further improvement in overall housing sentiment, according to results from Fannie Mae's February 2015 National Housing Survey™. The share of respondents who believe the economy is headed in the right direction increased 3 percentage points last month to an all-time survey high of 47 percent, while the share who believe it is headed in the wrong direction decreased to 45 percent, a new survey low. Additionally, the share who believe it would be easy to get a home mortgage today increased to a record-high 54 percent while a survey low 43 percent think it would be difficult to get a mortgage.

"Continuing improvements in consumer attitudes in this month's National Housing Survey lend support to our expectation that 2015 will be a year of the economy dragging housing upward," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "The share of consumers who think the economy is on the right track rose to a record high since the inception of the survey nearly five years ago and for the first time exceeded the share who believe it's on the wrong track. Consumer confidence seems to be getting a boost from employment growth. This is reflected in their views on the ease of getting a mortgage today, which also reached a survey high in February. We continue to see strength in attitudes about the current home buying and selling environment and consistently high shares of consumers saying they expect to buy a home on their next move. At the same time, we still need to see further growth in consumer optimism toward personal finances and income for more robust improvement in housing market attitudes."

SURVEY HIGHLIGHTS

Homeownership and Renting

• The average 12-month home price change expectation remained at 2.5 percent.
• The share of respondents who say home prices will go up in the next 12 months fell to 46 percent. The share who say home prices will go down fell to 6 percent.
• The share of respondents who say mortgage rates will go up in the next 12 months increased back to 48 percent.
• Those who say it is a good time to buy a house remained at 67 percent. Those who say it is a good time to sell decreased by 4 percentage points to 40 percent.
• The average 12-month rental price change expectation increased to 4.0 percent.
• The percentage of respondents who expect home rental prices to go up in the next 12 months remained at 52 percent.
• At a survey high of 54 percent of respondents think it would be easy to get a home mortgage today, while the share saying it would be difficult to get a mortgage fell 4 percentage points to 43 percent—a survey low
• The share who say they would buy if they were going to move fell 1 percentage point to 65 percent, while the share who would rent remained at 29 percent.

The Economy and Household Finances

• The share of respondents who say the economy is on the right track increased by 3 percentage points to 47 percent—an all-time survey high, couple with a survey low of 45 percent of those saying the economy is on the wrong track.
• The percentage of respondents who expect their personal financial situation to get better over the next 12 months fell to 46 percent.
• The share of respondents who say their household income is significantly higher than it was 12 months ago fell 5 percentage points to 24 percent.
• The share of respondents who say their household expenses are significantly higher than they were 12 months fell to 31 percent.

The most detailed consumer attitudinal survey of its kind, Fannie Mae's National Housing Survey™ polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). To reflect the growing share of households with a cell phone but no landline, the National Housing Survey has increased its cell phone dialing rate to 60 percent as of October 2014. For more information, please see the Technical Notes. Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the February 2015 survey, as well as technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey page on fanniemae.com. Also available on the site are in-depth topic analyses, which provide a detailed assessment of combined data results from three monthly studies. The February 2015 National Housing Survey was conducted between February 1, 2015 and February 23, 2015. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Fannie Mae enables people to buy, refinance, or rent homes.

Strong Job Growth Foreshadows Solid Full-Year Economic Growth

The economy is poised for a pickup in growth in 2015 amid a strengthening employment sector, rising income growth, and declining commodity prices, according to Fannie Mae's (OTC Bulletin Board: FNMA) Economic & Strategic Research (ESR) Group. The labor market has started the year on an upbeat note and is expected to lift consumer confidence, in turn helping to boost consumer spending, manufacturing activity, and the pace of the housing recovery. Economic growth may face some headwinds as a strong U.S. dollar weighs on the trade deficit. However, the economy is expected to climb to 2.9 percent for the full year, up from 2.5 percent growth in 2014.

"Our forecast calls for an increase in economic growth to 2.9 percent for 2015, which is a slight downward adjustment from our prior forecast but solid improvement nonetheless," said Fannie Mae Chief Economist Doug Duncan. "Although we are beginning this year at a more modest pace compared to the above-trend numbers seen at mid-year 2014, the country's aggregate income has benefitted from the improving labor market, which, combined with low gasoline prices, should help drive higher auto sales and overall consumer spending throughout 2015."

"We expect housing to shift up a gear in 2015 following the uneven and ultimately disappointing activity last year," said Duncan. "Our forecast calls for a number of factors, including strong hiring and income growth, stabilized housing affordability, and modestly easing lending standards, to translate into improving housing demand throughout the year. We continue to anticipate that the Fed will begin to hike short-term interest rates later this year, although weak global economic growth and geopolitical headwinds will likely limit the rise in long-term interest rates. We expect total home sales to increase by approximately 6.0 percent for 2015, with total single-family mortgage production climbing to approximately $1.2 trillion. Total single-family mortgage debt outstanding should be relatively flat this year before picking up gradually in 2016 and 2017."

Visit the Economic & Strategic Research site at www.fanniemae.com to read the full February 2015 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

2015 Economic Outlook: Economy Drags Housing Upward

 Driven by strengthening private domestic demand, economic growth is expected to accelerate modestly this year and drag last year's unspectacular housing activity upward, according to Fannie Mae's (OTC Bulletin Board: FNMA) Economic & Strategic Research (ESR) Group. Amid continued low gasoline prices, firming labor market conditions, rising household net worth, improving consumer and business confidence, and reduced fiscal headwinds, the economy is expected to climb to 3.1 percent in 2015, up from the Group's estimate of 2.7 percent in the prior forecast. The stronger economic backdrop should lead to improving income prospects, underpinning a higher rate of household formation in 2015.

"Our theme for the year, Economy Drags Housing Upward, implies that both housing and the economy will pick up some speed in 2015, but that the economy will grow at a faster pace," said Fannie Mae Chief Economist Doug Duncan. "We have revised upward our full-year economic growth forecast to 3.1 percent for 2015, which is not yet robust but still an improvement over last year's growth. Consumer spending should continue to strengthen due in large part to lower gas prices, giving further support to auto sales and manufacturing. We believe this will motivate the Federal Reserve to begin measures to normalize monetary policy in the third quarter of this year, continuing at a cautiously steady pace into 2016 and 2017, likely keeping interest rates relatively low for some time."

"Strength in the broader economy, accompanied by continued employment growth and meaningful income growth, should contribute to some improvement in housing activity this year," said Duncan. "Given historically low mortgage rates and a gradual easing of lending standards, our forecast calls for a 5.8 percent increase in total home sales for the year. Most of that is likely to come from growth in existing home sales, but we expect the rising share of new home sales to lead to a healthy increase in single-family construction of about 19 percent, or 765,000 units. Although we don't view this as signaling a breakout year for housing, we do expect to see broad-based improvement in 2015 following a disappointing and uneven year for the housing recovery in 2014."

Visit the Economic & Strategic Research site at www.fanniemae.com to read the full January 2015 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary.

Housing Activity Loses Some Steam, But Positive Signs Crop Up Heading into Spring Home Buying Season

WASHINGTON, -- Recent month-to-month volatility in the housing market has softened the ongoing recovery. However, the majority of the Fannie Mae National Housing Survey indicators on consumer attitudes have continued to move in a positive direction during the past year, which may portend a pickup in home buying and selling activity this spring. According to Fannie Mae's March 2014 National Housing Survey results, the share of survey respondents who say it is a good time to sell a home climbed to 38 percent last month, compared to 26 percent at the same time last year. In addition, the share who believe it would be easy to get a mortgage today increased to 52 percent, compared to 47 a year ago, and tying the all-time survey high. Americans' attitudes regarding their personal finances also have improved – those who expect their financial situation to worsen during the next 12 months decreased to 12 percent, a significant drop from 21 percent at the same time last year, and the share who say their personal financial situation improved during the past year reached an all-time survey high of 40 percent.

"The housing recovery continues to proceed in fits and starts. Rising mortgage rates and a lack of supply, have dampened housing market momentum," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "However, we see several positive signs going into this year's spring home buying season, compared with last year. For example, consumers are less pessimistic about their personal finances, and more optimistic about the current selling environment and their ability to get a mortgage. Still, those who are pessimistic about buying or selling a home today tend to point to economic conditions as the primary issue, and most consumers continue to say the economy is on the wrong track. Looking forward, we expect to see a pickup in economic growth later in the year, and this may boost the confidence of prospective buyers and sellers."

SURVEY HIGHLIGHTS

Homeownership and Renting

• The average 12-month home price change expectation decreased from last month, to 2.7 percent.
• The share of respondents who say home prices will go up in the next 12 months decreased slightly to 48 percent, while the share who say home prices will go down decreased to 5 percent, an all-time survey low.
• The share of respondents who say mortgage rates will go up in the next 12 months decreased to 54 percent, and those who said they will go down fell to 3 percent, tying the all-time survey low.
• Those who say it is a good time to buy a house increased slightly from last month to 69 percent and those who say it is a good time to sell a house increased 4 percentage points from last month to 38 percent.
• The average 12-month rental price change expectation decreased slightly from last month to 4.2 percent.
• Fifty-two percent of those surveyed said home rental prices will go up in the next 12 months, a slight increase from last month.
• Fifty-two percent of respondents thought it would be easy for them to get a home mortgage today, tying the all-time survey high first reached in January.
• The share who say they would buy if they were going to move increased 2 percentage points to 68 percent.

The Economy and Household Finances

• The share of respondents who say the economy is on the right track continued on a downward trend – decreasing 2 percentage points from last month to 33 percent.
• The percentage of respondents who expect their personal financial situation to stay the same over the next 12 months increased 4 percentage points to 45 percent, tying a survey all-time high.
• The share of respondents who say their household income is significantly higher than it was 12 months ago decreased 3 percentage points, to 21 percent.
• The share of respondents who say their household expenses are significantly lower than they were 12 months ago fell one percentage point to 8 percent, tying the all-time survey low.

The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the March 2014 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey page on fanniemae.com. Also available on the site are in-depth topic analyses, which provide a detailed assessment of combined data results from three monthly studies. The March 2014 Fannie Mae National Housing Survey was conducted between March 1, 2014 and March 23, 2014. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

Fannie Mae Releases November 2013 Monthly Summary

WASHINGTON, Dec. 31, 2013 /PRNewswire/ -- Fannie Mae's (OTC Bulletin Board: FNMA) November 2013 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.

Fannie Mae enables people to buy, refinance, or rent a home.Visit us at: www.fanniemae.com/progress

Fannie Mae Reports Largest Net Income in Company History; $17.2 Billion for 2012 and $7.6 Billion for Fourth Quarter 2012

WASHINGTON  -- Fannie Mae (OTC Bulletin Board: FNMA) today reported its fourth quarter and full year 2012 results and filed its annual report on Form 10-K for the year ended December 31, 2012 with the Securities and Exchange Commission. The filing provides consolidated financial statements for 2012. The following documents are now available on Fannie Mae's Web site at www.fanniemae.com:

News Release reporting fourth quarter and full year 2012 financial results

Fannie Mae's annual report on Form 10-K for the year ended December 31, 2012

2012 Credit Supplement

Fannie Mae enables people to buy, refinance, or rent a home.

Consumer Housing Sentiment Continues to Rise as Employment Concerns Wane; More Americans Say Now is a Good Time to Sell

WASHINGTON, Feb. 7, 2013- Increasing confidence in home sales and an improved sense of job security provide further evidence of the strengthening of the housing market, according to Fannie Mae's January 2013 National Housing Survey results. Underlying the growing sense of optimism, the percentage of survey respondents who think it is a good time to sell a home continued to climb to 23 percent last month from 11 percent the same time last year. While expectations regarding personal finances stayed relatively flat last month, other housing indicators remained at or near survey highs, indicating consumers remain confident in the stability of the housing market.

"The housing market continues to firm, with consumer home price expectations for both rental and ownership properties near the strongest levels that we've seen in the survey's two-and-a-half-year history," said Doug Duncan , senior vice president and chief economist at Fannie Mae. "Concerns about job loss are waning as payrolls are growing – a trend that may give potential homebuyers more confidence that they can meet the financial obligation of homeownership. The upward trend over the past year and a half in the share of consumers who say it's a good time to sell may reflect two related events. First, homeowners see that home prices are improving. Second, the number of homeowners who are underwater is declining, reducing a barrier for those owners who need to sell their home in order to buy a new one."

SURVEY HIGHLIGHTS

Homeownership and Renting

• The average 12-month home price change expectation fell slightly from last month's survey high to 2.4 percent. 
• At 41 percent, the share of those surveyed who believe home prices will go up in the next 12 months decreased by 2 percentage points from December's survey high, while the share who believe home prices will go down returned to the survey low of 10 percent. 
• The percentage of those surveyed who think mortgage rates will go up decreased by 3 percentage points to 41 percent, while those who think they will go down dipped slightly to 7 percent. 
• Twenty-three percent of respondents say it is a good time to sell a house, up by 12 percentage points year-over-year. 
• At 3.7 percent, the average 12-month rental price change expectation fell 0.9 percent from last month's survey high. 
• Fifty percent of those surveyed say home rental prices will go up in the next 12 months, a slight increase over December, and the highest level since the survey's inception. 
• The share of respondents who said they would buy if they were going to move held steady at 65 percent. 

The Economy and Household Finances

• At 39 percent, the share of respondents who say the economy is on the right track increased slightly over December. 
• The percentage who expect their personal financial situation to get better over the next 12 months rose by 3 percentage points to 43 percent. 
• Twenty-three percent of respondents say their household income is significantly higher than it was 12 months ago, holding steady from last month. 
• Thirty-eight percent reported significantly higher household expenses compared to 12 months ago, the highest level since December 2011. 
• The percentage who are concerned they will lose their job in the next 12 months declined 1 percentage point to 19 percent, a survey low. 

The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,003 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the January 2013 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The January 2013 Fannie Mae National Housing Survey was conducted between January 5, 2013 and January 28, 2013. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Fannie Mae enables people to buy, refinance, or rent a home. We play a leading role in America's economic recovery today and in building a better housing finance system for the future.

SOURCE Fannie Mae

http://www.fanniemae.com

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Americans Continue to Expect Growth in Home Prices

Fiscal Cliff Debate Appears to Rattle Overall Economic and Financial Confidence

WASHINGTON, Jan. 7, 2013 /PRNewswire/ -- Consumer confidence in the housing sector grew last month, marked by continued positive attitudes toward home price, rental price, and mortgage rate expectations, according to Fannie Mae's December National Housing Survey results. The growing belief held by Americans that these housing indicators will climb in 2013 may inspire a boost in home purchase activity during the coming months. However, while consumers seem confident that housing activity is on the rise, their outlook toward the economy and personal finances appears to have resumed a more unsettled trend following a show of optimism in November.

"The highest share of consumers in the survey's two-and-a-half-year history expect home prices to increase in the next 12 months. This view is consistent with Fannie Mae's expectation that home prices will rise going forward on a national basis. Combined with consumers' growing mortgage rate and rental price increase expectations, the positive home price outlook could incentivize those waiting on the sidelines of the housing market to buy a home sooner rather than later and thus support continued housing acceleration," said Doug Duncan , senior vice president and chief economist of Fannie Mae. "Despite continued strengthening in the housing market, consumers' concerns over the fiscal cliff and debt ceiling have caused considerable volatility in their perceptions of the larger economy. This uncertainty seems to be prompting a growing share of consumers to expect their personal finances to worsen and may contribute to weaker near-term economic growth."

SURVEY HIGHLIGHTS

Homeownership and Renting

• The average 12-month home price change expectation jumped to 2.6 percent, the highest level since the survey's inception in 2010.
• At 43 percent, the share who believe home prices will go up in the next 12 months reached the highest level recorded, up 6 percentage points over November.
• The percentage who think mortgage rates will go up continued to rise, increasing by 2 percentage points to 43 percent, the highest level since August 2011.
• Twenty-one percent of respondents say it is a good time to sell, a 2 percentage point decrease from last month's record high, but a 10 percentage point increase year over year.
• At 4.4 percent, the average 12-month rental price expectation hit the highest level since the survey's inception, up 0.4 percent over last month.
• Forty-nine percent of those surveyed say home rental prices will go up in the next 12 months, a slight increase from last month.
• The share of respondents who said they would buy if they were going to move decreased slightly to 66 percent.

The Economy and Household Finances

• At 39 percent, the share of respondents who say the economy is on the right track fell by 5 percentage points from last month's survey high.
• The percentage who expect their personal financial situation to get worse over the next 12 months continued to rise, reaching 20 percent and the highest level sinceAugust 2011.
• Twenty-two percent of respondents say their household income is significantly higher than it was 12 months ago, a slight increase over last month and a 5 percentage point increase over September.
• Thirty-seven percent reported significantly higher household expenses compared to 12 months ago, a 3 percentage point increase over the past month and the highest level since December 2011.

The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,002 Americans via live telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the December 2012 survey, as well as a podcast providing an audio synopsis of the survey results and technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The December 2012 Fannie Mae National Housing Survey was conducted between December 3, 2012 and December 18, 2012. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Fannie Mae is a leading provider of mortgage credit in the United States. We guarantee and purchase loans so that families can buy homes, refinance their existing mortgages, or access affordable rental housing. Fannie Mae is focused on assisting homeowners in distress, stabilizing neighborhoods, and encouraging sustainable lending. We are committed to improving our financial condition and our priorities are aligned with the public interest. Our work supports the housing recovery today and is helping to build a better housing finance system for the future.

SOURCE Fannie Mae
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