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Consumer confidence is housing market waning significantly

Confidence in housing market waning
Posted at 7:56 AM, Sep 21, 2021
and last updated 2021-09-21 08:57:49-04

ANN ARBOR, Michigan — A new consumer survey indicates that people are not happy with the United States housing market.

A University of Michigan survey indicates that 29 percent said it's a good time to buy a house.

That figure hasn't been that low since 1982.

Compare that to 62 percent who said it was a good time to buy a home at the beginning of this year.

Rising prices and tight inventory are fueling the loss of confidence in the housing market.

This week, Fannie Mae economists lowered forecasts for home sales in 2022.

They said there just isn't enough housing supply to meet demand.