Americans are increasingly pessimistic about the economy and the housing market according to the results of a Fannie Mae survey.
According to the Wall Street Journal, only 64 percent of those surveyed said a home is a safe investment, compared to 70 percent last year and 83 percent in 2003. A higher percentage than last year said that it is a bad time to sell a home, while a lower percentage said it is a good time to buy.
Seventy-eight percent of people said they thought home prices would remain flat in the next year. However, nearly 75 percent said that in the future it would be harder to get a mortgage.
Most survey respondents had a gloomy view of the economy as a whole. Their financial statuses back up their beliefs: 19 percent said their income increased significantly in the last year, but 34 percent said their expenses increased significantly.
The survey was conducted by Penn Schoen Berland. It polled 3,400 by telephone between Oct. 15 and Dec. 20.