I used to love watching Family Feud. I mean the old Family Feud with Richard Dawson. He was a classic game show host. He got to parade around the stage. He got to give away a bunch of money away. He got to make fun of contestants who gave ridiculous answers. And he got to kiss all the pretty girls.
There’s an important survey Credit Unions should be paying attention. Fannie Mae completes a monthly housing survey. It’s great reading for Credit Union folks who want to be memberlicious. You can find it here.
And you will find better answers than these unfortunate contestants gave. Survey Says:
57% of respondents believe that rates will move up in the next 12 months. This is a big leap from last month.
57% also say that home prices will go up in the next year. Not sure if these are the same 57% as the 57% that believe rates will go up or another 57%.
36% think it is a good time to sell a home.
72% think it is a good time to buy a home. Hopefully, they find the 36% that thinks it’s a good time to sell.
The survey says lots of other things as well.
The highlight for Credit Unions comes from a Doug Duncan quote. Doug is the senior vice president and chief economist at Fannie Mae. “The spike in mortgage rate expectations this month seems to have had an impact on a number of the survey’s indicators and may increase housing activity in the near team by driving urgency to buy. Consumers may recognize that today’s still favorable mortgage rates and homeownership affordability levels will recede over time.”continue reading »