from Wolf Street:
Americans are an optimistic bunch when it comes to homes. Even in April 2006, at the peak of the prior housing bubble, with prices at insanity levels but with sales stalling as the market transitioned to its epic bust, and when everyone was trying to sell, even then 52% of Americans thought it was “a good time to buy a home.” That was the moment of peak pessimism in the history of Gallup’s data series. And it was truly a terrible time to buy a home.
Peak optimism was in April 2003, when 81% thought it was a good time to buy. They were right. The Fed had kicked off the housing bubble. The second most optimistic moment, after a long climb up from peak pessimism in 2006, was in April last year when 74% thought it was a good time to buy. And they too were right. But now the honeymoon appears to be over.
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