Record Number of Americans Planning to Buy a House

Good news – not only has consumer confidence reached a four year high, a record number of Americans are also planning to buy house.

Consumer confidence rose in November to the highest level in more than four years, a sign U.S. household spending will keep growing.

The Conference Board’s confidence index climbed to 73.7, the highest since February 2008, from a revised 73.1 reading the prior month, figures from the New York-based private research group showed today. The median forecast of 75 economists surveyed by Bloomberg projected a reading of 73.

The report showed the share of Americans planning to buy a house rose to a record high, indicating improving property values and a job market recovery are making households more willing to make long-term commitments. Sustained gains in consumer spending, the biggest part of the economy, may help overcome concern over the fiscal cliff of tax increases and government spending cuts slated for early 2013. [...]

The share planning to buy a house within the next six months jumped to 6.9 percent, the most in data going back to 1964. The previous all-time high was 5.5 percent.

The highest number of Americans in nearly 50 years are planning to buy a house.

But, you know, everyone panic and stuff your money in a mattress.

According to Bloomberg, the report would have been even better if not for Hurricane Sandy. Sandy took a significant toll on confidence in the Mid-Atlantic region.

(h/t The Law Office of Kush Arora)

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  • D_C_Wilson

    Must be because Glenn Beck told everyone to buy farmland.

    But this is good news for me personally. Not only am I one of the Americans who is planning on a buying a house in 2013, but I’ll be putting my current house on the market.

    • BD

      The market has not yet hit its bottom and I would be cautious of making a purchase in the near future. Bernanke is just re-inflating the bubble through FED purchasing and this will end in disaster. The market did not clear and therefore the prices did not reach their bottom yet. The reason that the banks let the houses sit off market without selling, though vacant, was because they couldn’t allow their over leveraged positions to fail with market clearing prices. This is an illusion, once again, that they are creating. Also, if this consumer confidence is true, then there will be an increase in demand and therefore and increase in prices. I would not be so happy about a future purchase of inflated price.

      • D_C_Wilson

        Sorry, I only take financial advice from people who actually understand economics.

  • BD

    Ben Bernanke’s plan is going just great. Purchase $40B worth of mortgage backed securities every month and the idiots will run right back into another housing bubble. This way the over leveraged banks holding such assets won’t loose or go under because the manipulation of interest rates and mortgage purchasing incentives push prices back up. But, this is just temporary and when the bond bubble bursts this will just fall with it. I find it very concerning that progressives wish to cheer for policies which make housing prices increase. Because everyone is better off paying an inflated price for something, especially the poor. Yeah! Gas went up to $8/gallon. Yeah! My food is more expensive. Yeah! I love it when things cost more.
    Economic ignorance to the fullest.
    The more people go into debt and return to using their homes as ATM machines the quicker we will get out of this “recession”. Idiots!

  • BD

    “The report showed the share of Americans planning to buy a house rose to a record high, indicating improving property values and a job market recovery are making households more willing to make long-term commitments”

    No! What this indicates is that this “share” is economically ignorant and have learned nothing from the recent economic situation and its inevitable disaster. “Improving property values” is not a good thing for consumers. This is soft talk for “houses are going to be more expensive”. In what way is this good for the consumer? Do we all seek out the worst deal for the same product? Are we attempting to not purchase as low as possible?
    “And a job market recovery”. What a crock of shit! Based on government numbers which are so manipulated at times it is insane that people even believe them. There is no job market recovery, only political smokescreen. Does anybody not notice major corporations going under and with the new tax “incentives” to move production overseas, what recovery is anywhere in sight?
    “More willing to make long-term commitments”. Soft talk for “more idiots willing to go deeper into debt because we tell you to”. The only reason people are willing to go into such debt is because interest rates are manipulated by a central bank. You know those group of international banking elites which run the country. “Snag!” They got you again. Ask yourself this, or better yet, do the math: what happens when interest rates are no longer able to be controlled due to market pressures beyond the FED’s abilities, and they reach…lets say…20%? Can’t happen? Go back to 1980 and tell yourself that lie!
    Wake the F up people! This is financial tyranny and you are stepping into their trap!

    • bphoon

      Jeez, what a fucking idiot.

      • BD

        What an enlightening contribution. Thank you for you analysis.