Housing Market Alarm as Homebuyers 'Most Pessimistic' They Have Ever Been

The vast majority of Americans believe now is a bad time to buy a home, according to a new survey.The University of Michigan's consumer sentiment survey on attitudes toward buying conditions for houses showed that in October, 82 percent said it was not a good time to buy a house currently.

Although mortgage rates have been much higher at times in the past, more people are now feeling pessimistic about home purchases than ever before.'High nominal home prices are having a huge impact on deterring buyers from the market,' Gerli continued. 'People don't really care about marginal swings in mortgage rates. They also don't really care that their income has grown the last five years.

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