Consumers are more confident about credit accessibility, with more not only expecting to be able to obtain financing now, but also in a year from now, according to the results of the Federal Reserve Bank of New York’s Survey of Consumer Expectations (SCE) for December 2016. Approximately 23 percent of those surveyed expect to be able to obtain financing in the future—a proportion last seen two years prior, in December 2014. Less consumers, in turn, expect to miss a debt payment in the next three months: 14.3 percent, down from 14.9 percent in November.
More consumers also expect their household incomes to increase, a reversal of trend at 2.8 percent, and expect to increase their household spending, as well, at 3.7 percent, according to the survey.
Consumers, in addition, expect home prices to change—a sentiment rising to 3.3 percent in December and concentrated among higher-educated, under-60 and wealthier respondents.
Consumer expectations about the job market also improved, with the “perceived probability” of finding a job and losing a job increasing and decreasing to 55.6 percent and 15.8 percent, respectively. Expectations in terms of inflation over both the next year and the next three years increased to 2.8 percent.
Source: Federal Reserve Bank of New York
For the latest real estate news and trends, bookmark RISMedia.com.