Cloudy Perspective 64% of Americans say the economy is on the wrong track – the worst survey results since the beginning of 2010.
Housing woes continue to plague millions of Americans, and to threaten the larger economy – including the business sector. A new survey from Fannie Mae shows that many homeowners worry about losing their jobs, often admitting they haven’t saved enough to cushion such a financial blow. Meanwhile, renters feel stuck, unable to get loans due to ongoing economic uncertainty, and, often, to their own histories of credit problems. All of which is bad news for the economy at large, given the drag of a moribund housing sector, and a lack of confidence that could cripple hopes for an economic rebound in the near future. "Consumers are more hesitant to take on additional financial commitments," says Doug Duncan, vice president and chief economist of Fannie Mae, "and a setback to confidence means a setback to the recovery of the housing market." The research – compiled from interviews with more than 3,000 Americans also tracks sentiments within both generational and ethnic categories. For more about the survey,
Dennis McCafferty is a freelance writer for Baseline Magazine.
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