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Consumer confidence in housing sector ramps up in April


Consumers are feeling better about the residential housing situation.

As the housing market recovery continues to make further progress early this year, many consumers are feeling better about the improving situation, particularly the steady growth in property prices throughout the nation.

In April, more than half of consumers indicated they felt home prices would improve in the next 12 months, according to a report from government-sponsored enterprise Fannie Mae. This was 3 percentage points improved from the previous month, as well as notably higher than the 32 percent during the same month in 2012. Additionally, the report found nearly two-thirds noted they think they would purchase a home if they decided on relocating.

"For the first time in the survey's three-year history, the majority of Americans surveyed now expect home prices to increase," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "Crossing the 50 percent threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country."

Despite the continued confidence, there was a hiccup in existing-home sales recently. A report from the National Association of Realtors noted that existing-home sales fell slightly more than 0.6 percent in March from February's level.

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