Consumers continue to anticipate an increase in home prices for the future, foreseeing a 3.3 percent change—a figure that has been status quo since 2015, according to the March 2017 Survey of Consumer Expectations (SCE) by the Federal Reserve Bank of New York. More consumers in March also anticipated a “much easier” or “somewhat easier” time obtaining credit than in February.
Opposing forces were at work when it came to household finances in March, according to the survey. Consumers’ expectations regarding income growth decreased to 2.5 percent, but their expectations regarding spending growth increased to 3.3 percent. Their reported likelihood of missing a minimum debt payment decreased, as well, to 11.2 percent.
On the broader economy, consumers expected the median inflation rate to be 2.74 percent in one year and 2.71 percent in three years. Their reported likelihood of finding a job increased dramatically, from 56 percent in February to 59.3 percent in March, while their reported likelihood of losing a job decreased from 15 percent in February to 14.5 percent in March.
Source: Federal Reserve Bank of New York
For the latest real estate news and trends, bookmark RISMedia.com.
