Along with many Americans, Conejo Valley & Westlake Village concerns about key economic and housing issues are beginning to subside, according to results from Fannie Mae’s February 2012 National Housing Survey. Consumers’ attitudes have stabilized across most indicators for Americans and in the Westlake Village & Conejo Valley areas – including personal finances, housing, and employment. Westlake Village & Conejo Valley confidence about personal financial situations, household income, and household expenses, as well as attitudes about homeownership and renting is holding at steady levels. Conejo Valley & Westlake Village residents’ concern about losing their job in the next 12 months has stabilized since the late fall, with many saying they are not concerned.
“The pickup in the pace of hiring over the past few months has helped so the consumer concerns, lifting their moods regarding their personal finances, the direction of the economy, and their views on the housing market,” said Doug Duncan, vice president and chief economist of Fannie Mae. “As a result, we’ve seen more potential for economic upside, creating a more balanced near-term outlook.”
The Economy and Household Finances
- Confidence in the economy’s direction continued to rise this month, with 35 percent indicating they think the economy is on the right track and 57 percent think it is on the wrong track, a decline of 6 percentage points.
- 12 percent think that their finances will worsen in the next 12 months.
- 16 percent say their income is significantly lower than it was 12 months ago while 63 percent say it has stayed the same.
- 33 percent say their expenses have increased significantly over the past 12 months, a 3 percentage point decrease from last month and the lowest level in the past 12 months.
- On average, Conejo Valley & Westlake Village residents along with most Americans expect home prices to increase by 0.8 percent over the next 12 months.
- 28 percent expect home prices to increase over the next 12 months, 15 percent say they expect home prices to decline, and 53 percent say prices will stay the same.
- 10 percent of Conejo Valley & Westlake Village residents say that mortgage rates will go down in the next 12 months.
- Those who say it is a good time to sell rose by 3 percentage points to 13 percent, the highest level in over a year, while those who say it is a good time to buy dropped 1 percentage point to 70 percent this month.
- On average, Conejo Valley & Westlake Village residents expect home rental prices to increase by 3.5 percent over the next 12 months.
- 65% percent of respondents say they would buy their next home if they were going to move, up 1 percentage point since last month, while 29 percent say they would rent, down 1 percentage point versus last month.
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