Three-quarters of Americans believe the economy is on the ‘wrong track’

Fannie Mae Home Purchase Sentiment Survey: the percentage of Americans who believe the economy is on the wrong track increased to 73 percent in March, the highest level in 11 years. In February, 68 percent of respondents said the economy in the United States is on the wrong track.

According to a survey issued by Fannie Mae on Thursday, almost three-quarters of Americans believe the economy is on the ‘wrong track.’

The percentage of Americans who expect their financial status to deteriorate in the coming year has risen to 25%, the highest level ever recorded.

Sixty-nine percent of respondents said they expect mortgage rates to rise further, which is also a new high. Overall, the “Good Time to Buy” component of the survey reached a record low, with 73 percent of respondents saying now is a bad time to buy a house.

The whole index is down 8.5 points year over year.

“The index’s ‘Good Time to Buy’ component fell to a new low, with customers’ main concerns being high home prices, rising mortgage rates, and macroeconomic uncertainty,” said Dr. Mark Palim, Fannie Mae Vice President and Deputy Chief Economist.

“Only 24% of consumers say it is a favorable time to buy a home, with similar pessimism expressed across nearly all demographic groups surveyed.” The Deputy Chief Economist added.

Concerns over the economy’s worsening state, combined with the rise in mortgage rates since the end of 2021, would likely reduce mortgage demand from move-up purchasers, according to Dr. Palim.

With fewer move-up buyers, there will be fewer entry-level properties available, adding to the rising-rate issues for first-time homeowners.

“We expect to see an even bigger cooling of the housing market than previously forecast if consumer pessimism regarding homebuying conditions persists and recent mortgage rate rises persist,” Dr. Palim stated.

19 Responses

  1. Time to impeach this administration, nothing
    Good has come out of the Bidens administration
    Hes a pos. Remove him now. Hes only hurting the American citizens. The longer he stays in the worse it gets
    VP no better,

  2. We are on the wrong track will need our own oil it’s critical right now not to spend our money and other countries when we have it right here Nancy Pelosi and Schumer and these guys need to go They aren’t working with anyone they have their own agenda sleepy Joe didn’t do anything for 47 years how did he get the votes to sleep on like this

  3. The housing market in places like California and New York have always been in the toilet. And from the look of things, they’re not about to change for the better. Affordable housing for the average American went right out the window back in the 70s when rents and properties doubled suddenly what seemed like overnight. The first gas crunch hit the working class extremely hard and the hits just keep coming. The fair housing market seem to be too one sided. Unless you can live in a tent. But how healthy can that be? And illegals have more than one family living in one family dwellings just so they can make ends meet. Most Americans can’t live under those conditions. And they shouldn’t be forced to either. What means another health code goes unchecked. People up and down the system haven’t been doing their jobs for decades now. And now of course what we get from these policies is more problems caused by a failed money greedy Democratic system that has been putting America last for far too long now. It’s not like the problem can’t really be fixed either. It can, but not while the needy stay in need and the greed can’t be satisfied. 😥🇺🇸

  4. This administration is such a disappointment, some one should take the pen away from this President because he has no idea of what he is doing. Washington would do better if they watched their spending and help the tax payers. One wonders when you read these bills House Members And Senate have no respect for voters and their intelligence.

  5. But this can’t be the case, brain dead biden said it was all everyones else fault…Lets blame this on Putin or choose

  6. Joe have your handlers write a exit letter for you and the Cameltoe….What the hell are you going to do with all that material President Trump had for the border fence?????, Put it on market place on Facebook you idiot. Add the money to your stash you and Hunter have.

  7. 75% leaving 25% who are the devilrats tag alongs not knowing thier buttes from an empty hole in the ground looking like what their money is left thanks to bs Biden the gang leader of the crooked Biden gang.

  8. Without any plan to cut spending in the Federal Government and reduce deficit we can only get worse off! Inflation has not been addressed either!

  9. This is what you get when you vote in a senile old man to be in the white house, and he doesn’t have a clue what he’s doing!🤬🤬

  10. My husband and I are both VERY disappointed at what the current administration has done to our economy.

    We’ve worked really hard in the last 5 years…purchasing a farm, and were almost to the point of selling our house, and putting a house at the farm. Now, with the interest rates changing…going up…we have to accept that we can’t continue with that plan. We’re going to have to wait…more, and hope that with the midterm elections…things will improve.

    It looks as though things will not change for the better, until we have a new administration. We voted for President Trump both times. If he were in office, we believe NONE of this would be happening. Having said that, we must deal with what is real…NOW…not what we wish…WAS.

  11. I’m glad I’m retired, not owning a house or other taxable things, just renting, with my car paid off. All I need to be concerned about is the rising prices, & sales taxes, and how to deal with that. I have enough survival equipment to last for an unknown amount of time, and they will not take my gun from me.

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