Only 17 percent of consumers in May thought it was a good time to buy, Fannie Mae reported on June 7, 2022, down from 19 percent the previous month. Fannie Mae's Home Purchase Sentiment Index declined 0.3 percent and inched closer to its 10-year and pandemic low of 63.0 in April 2020. Year over year, the index is down 11.8 points. "Consumers' expectations that their personal financial situations will worsen over the next year reached an all-time high in the May survey, and they expressed greater concern about job security," said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. "These results suggest to us that increased mortgage rates, high home prices, and inflation will likely continue to squeeze would-be homebuyers out of the market, supporting our forecast that home sales will slow meaningfully through the rest of this year and into next."
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