70 Percent of Americans Surveyed Tell Fannie Mae It's a Good Time To Buy a Home

Almost three quarters of Americans give homebuying the thumbs up. According to the Fannie Mae national housing survey, 70 percent of Americans believe it is a good time to buy a home, up from 64 percent in a survey conducted in January. The number is down from 83 percent from a survey conducted in 2003. Fannie Mae surveyed 3,400 adults from June to July. Although more liked the timing of the market, 33 percent said they would be more likely to rent than own when they move next.

But the improved sentiment toward purchase timing is surprising after the expiration of the homebuyer tax credit in April and the 27 percent drop in existing home sales in July. Of those surveyed, 47 percent believe home prices have bottomed, and 31 percent said prices would increase over the next year. The combined 78 percent of those not expecting further declines is up from 73 percent at the beginning of the year. But there may not be enough willing sellers as 83 percent believe it's a bad time to sell a home.

Doug Duncan, vice president and chief economist at Fannie Mae, said the survey showed a mixed outlook for housing and homeownership. "Homeowners and renters alike continue to be wary of taking on risk, and they are less confident in the long-term outlook for housing," Duncan said.