Are you worried about the housing market? Doug Duncan, chief economist of Fannie Mae, told the Chicago Tribune on October 10, 2011, that you have a right to be. “You have to think of recession scenarios,” Duncan said while in Chicago for the Mortgage Bankers Association’s annual convention. “It’s a coin toss whether or not we have a recession. It’s hard to find a lot to be optimistic about.”
On the same day of the Tribune story, a monthly consumer sentiment survey from Fannie Mae showed for the fourth consecutive month that a majority of consumers expect home prices to continue declining over the next year. The survey of 1,000 people found that the average annual anticipated price decline of 1.1 percent is the highest expected decline since at least September 2010, according to the Tribune. However, Duncan predicted that home prices of non-distressed properties will fall another 3 percent nationally through mid- 2012, and the anticipated decline would grow to 7 percent if foreclosures and short sales are factored into the equation.
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