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Consumers Not Ready to Move on Housing Despite Improved Outlook on Economy

On January 7, Fannie Mae issued a news release outlining results from its December 2014 National Housing Survey.

Consumers Not Ready to Move on Housing Despite Improved Outlook on Economy

WASHINGTON, DC – Americans are becoming more optimistic about the economy, but consumer confidence toward the housing market is lagging, according to results from Fannie Mae’s December 2014 National Housing Survey™.  Likely bolstered by a strengthening employment sector, the share of consumers who believe the economy is headed in the right direction improved by 5 percentage points to 41 percent.  Those citing that the economy is heading in the wrong direction declined to 51 percent, the fifth consecutive monthly decrease.  However, although the share of respondents who think it would be easy to get a mortgage today increased to 52 percent, tying the all-time survey high, the share who say their household income is significantly higher than it was 12 months ago has remained flat at 25 percent.

“Despite consistent and robust job growth in recent months, consumer attitudes toward housing remained cautious in the final month of 2014,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.  “Our survey results show that consumer housing sentiment has, on average, been moving sideways amid some improvement in the general view of the economy.  It is not surprising that the housing sector continues to lag behind the rest of the economy given the long-term financial commitment that getting a mortgage represents.  Many prospective homebuyers want to be certain that their personal finances can withstand potential downside risks to the economy.”

“One notable result in the December survey is that the share of consumers believing that it would be easy to get a mortgage exceeds those saying it would be more difficult to get a mortgage by the widest amount in the survey’s history,” said Duncan.  “While this is a welcome signal, softness in consumer attitudes that drive housing demand will make for a subdued recovery and should persist absent more meaningful and sustained gains in household income.”

SURVEY HIGHLIGHTS

Homeownership and Renting

  • The average 12-month home price change expectation fell to 2.3 percent.
  • The share of respondents who say home prices will go up in the next 12 months rose to 46 percent. The share who say home prices will go down increased to 8 percent.
  • The share of respondents who say mortgage rates will go up in the next 12 months rose by 3 percentage points to 48 percent.
  • Those who say it is a good time to buy a house fell to 64 percent. Those who say it is a good time to sell increased by 1 percentage point to 40 percent.
  • The average 12-month rental price change expectation increased to 4.1 percent.
  • The percentage of respondents who expect home rental prices to go up in the next 12 months remained at 53 percent.
  • The share of respondents who think it would be easy to get a home mortgage today increased to 52 percent—equaling an all-time survey high—while the share saying it would be difficult to get a mortgage dropped to 44 percent—a survey low.
  • The share who say they would buy if they were going to move fell to 61 percent—an all-time survey low—while the share who would rent increased 3 percentage points to 34 percent.

The Economy and Household Finances

  • The share of respondents who say the economy is on the right track increased by 5 percentage points to 41 percent.
  • The percentage of respondents who expect their personal financial situation to get better over the next 12 months decreased to 45 percent.
  • The share of respondents who say their household income is significantly higher than it was 12 months ago remained at 25 percent.
  • The share of respondents who say their household expenses are significantly higher than they were 12 months decreased to 34 percent. 

The most detailed consumer attitudinal survey of its kind, Fannie Mae’s National Housing Survey polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence.  Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010).  To reflect the growing share of households with a cell phone but no landline, the National Housing Survey has increased its cell phone dialing rate to 60 percent as of October 2014.  For more information, please see the Technical Notes.  Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the December 2014 survey, as well as technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit Fannie Mae’s Monthly National Housing Survey page on fanniemae.com.  Also available on the site are in-depth topic analyses, which provide a detailed assessment of combined data results from three monthly studies.  The December 2014 Fannie Mae National Housing Survey was conducted between December 1, 2014 and December 14, 2014.  Most of the data collection occurred during the first two weeks of this period.  Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

Please click here to view the December 2014 National Housing Survey Data Release [pdf].

Please click here to view the news release online.

About Safeguard 
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow.  Website: www.safeguardproperties.com.

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties