A Gallup poll earlier this week indicated 78% of Americans have a negative perception of the current economic conditions, which obviously plays itself out in many ways across our Economy, including the desire and pursuit of a new home.
The good news is that after the presidential election is over next week, at least 50% of the country is going to feel like they have chosen the next leader of this country and will feel better about its prospects for the future. Those who voted for the eventual winner will begin to feel like our country is on a better path. One way or the other, we will have a new spokesperson for the United States of America who will immediately begin talking about how they are going to make it better for everyone. There will be a lot of positive energy and talk about the governmental transition, which should undoubtedly raise hopes among consumers for better days ahead.
In the weeks and months ahead, look for consumer confidence to begin to track in a more positive direction. That trend, coupled with increased accessibility to credit and slowly reducing home inventories should begin to make for a better housing market.