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62 | TH E M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST GSE Survey: Homebuyer Confidence Continues to Wane A new survey from Fannie Mae finds that homebuy- ing confidence has fallen for the majority of the year. T he Fannie Mae Home Purchase Sentiment In- dex (HPSI) decreased 2.0 points in June to 62.8, its second-lowest reading in a decade, according to their latest report. Surveyed consumers continue to express pessimism about home- buying conditions, with only 17% (down from 20%) of respondents reporting it's a good time to buy a home, while the percentage of con- sumers who believe it's a "Good Time to Sell" fell from 68% to 67% this month. As of July, the HPSI has de- clined every month since March and is now down 13 points since the beginning of the year. "The HPSI has declined steadily for much of the year, as higher mortgage rates continue to take a toll on housing affordability," said Doug Duncan, Fannie Mae SVP and Chief Economist. "Unfavorable mortgage rates have been increas- ingly cited by consumers as a top reason behind the growing percep- tion that it's a bad time to buy, as well as sell a home. Additionally, consumers appear to be indicating that selling conditions are soften- ing, as the 'Good Time to Sell' component has declined meaning- fully over the past two months, and, on net, fewer consumers expect home prices to go up." "With home price growth slow- ing, and projected to slow further, we believe consumer reaction to current housing conditions is likely to be increasingly mixed: Some homeowners may opt to list their homes sooner to take advantage of perceived high prices, while some potential homebuyers may choose to postpone their purchase decision believing that home prices may drop," Duncan continued. "Overall, this month's HPSI results appear to confirm our forecast for moderating home sales over the coming year." Additional findings on the six major components of the HPSI include: • Good/Bad Time to Buy: The per- centage of respondents who say it is a good time to buy a home decreased from 20% to 17%, while the percentage who say it is a bad time to buy increased from 75% to 76%. As a result, the net share of those who say it is a good time to buy decreased 4 percentage points month over month. • Good/Bad Time to Sell: The per- centage of respondents who say it is a good time to sell a home decreased from 68% to 67%, while the percentage who say it's a bad time to sell increased from 26% to 27%. As a result, the net share of those who say it is a good time to sell decreased 2 percentage points month over month. • Home Price Expectations: The per- centage of respondents who say home prices will go up in the next 12 months decreased from 44% to 39%, while the percent- age who say home prices will go down increased from 27% to 30%. The share who think home prices will stay the same in- creased from 23% to 26%. As a re- sult, the net share of Americans who say home prices will go up decreased 8 percentage points month over month. • Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months increased from 5% to 6%, while the per- centage who expect mortgage rates to go up remained un- changed at 67%. The share who think mortgage rates will stay the same remained unchanged at 21%. As a result, the net share of Americans who say mort- gage rates will go down over the next 12 months increased 1 percentage point month over month. • Job Loss Concern: The percentage of respondents who say they are not concerned about losing their job in the next 12 months re- mained unchanged at 78%, while the percentage who say they are concerned increased from 21% to 22%. As a result, the net share of Americans who say they are not concerned about losing their job decreased 1 percentage point month over month. • Household Income: The percent- age of respondents who say their household income is significantly higher than it was 12 months ago decreased from 25% to 24%, while the percentage who say their household income is significantly lower decreased from 16% to 13%. The percentage who say their household income is about the same increased from 58% to 61%. As a result, the net share of those who say their household income is significant- ly higher than it was 12 months ago increased 2 percentage points month over month. HUD Unveils Economic Justice Agenda to Assist Low-Income Renters Approximately $113 million will be invested to help HUD-as- sisted families increase earned income and improve finan- cial stability, as the Bridging the Wealth Gap agenda will expand HUD's work to help renters achieve financial well- being and homeownership. T he U.S. Department of Housing and Urban Development (HUD) released an agenda for economic justice that describes actions the department will take to help low-income renters build assets, along with a Notice of Funding Op- portunity (NOFO) for $113 million for the Family Self-Sufficiency (FSS) program to help HUD-assisted families increase earned income and improve financial stability. HUD's agenda, Bridging the Wealth Gap: An Agenda for Economic Justice and Asset Building for Renters, focuses on asset building through increased savings, access to mainstream banking, and credit score im- provement. By integrating asset building, anti-poverty policies can more directly facilitate economic stability for millions of Americans. HUD Secretary Marcia L. Fudge announced Bridging the Wealth Gap and the $113 million funding opportunity during a conversation with Axios on af- fordable and fair housing. "With Bridging the Wealth Gap and this historic funding opportunity, we're trying to make sure that every single person in this country can get their piece of the American Dream," Secretary Fudge said. "We're looking at ev- erything through a lens of equity and how we address systemic racism. We're giving people who