Posted To: MND NewsWire

Fannie Mae’s Home Purchase Sentiment Index (HPSI) plummeted 17.8 points in April. Combined with its 11.7-point loss in March the Index is at 63.0, its lowest reading since November 2011. Several of its components are now in net negative territory. The HPSI is calculated from responses to six questions from the monthly National Housing Survey (NHS). Five of the components dropped compared to the previous month, four of them by double digits. The most dramatic change was in the answers to the question of whether it is a good time to sell a home. Those who said no rose from 36 percent in March to 65 percent while positive responses went from 52 to 29 percent. As a result, the net positive share decreased 52 points from March and 79 points compared to a year earlier. When asked for their reasons…(read more)

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Source: Mortgage News Daily