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Fannie Mae's home purchase sentiment index declined 2.7 points in October.
Only 21% of Americans say now is a good time to buy a home.
The U.S. housing market is on shaky ground as consumer sentiment begins to sour.
America's two-speed housing recovery is about to lose steam as more potential homebuyers say now is not a good time to purchase real estate.
Fannie Mae's latest sentiment indicator paints a bleak picture of the U.S. housing market even as the Federal Reserve continues to tinker with interest rates.
Fannie Mae Survey Reveals Troubling Trend Among Homebuyers
The Federal National Mortgage Association, commonly known as Fannie Mae, released the October edition of its Home Purchase Sentiment Index (HPSI) on Thursday. HPSI is considered one of the most comprehensive attitudinal surveys of U.S. homebuyers.
In October, HPSI declined 2.7 points to 88.8, representing a further retreat from the record high set in August. Although Fannie's report struck an optimistic tone, alleging that "home purchase sentiment remains robust," more Americans reported that now is a bad time to buy a home.
Only a fifth (21%) of Americans said now is a 'good time to buy' real estate, a full 7 percentage point drop from September levels. The percentage of Americans who say now is a 'good time to sell' declined to 41% from 44% previously.