Consumers’ ever-more-dismal attitudes add to recent evidence that a major shift is underway in the hot housing market of the COVID-19 period. With so many things going against buyers, many are giving up on house hunting. Interest in mortgages and refinancing has plummeted to the lowest level in decades, and fewer homes are selling. That in turn, should slow the rate of price increases, cooling the market, some economists predict. Pessimism about buying has been on an upward trajectory for over a year but has shot up in the last few months, reaching the 79% in May, according to the mortgage giant’s poll of 1,000 consumers, conducted since 2010. Conversely, a record low 17% of people surveyed said it was a good time to buy. Have a question, comment, or story to share? You can reach [Reporter name] at dhyatt@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
