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Home-Buying Hope Crashes To 5-Year Low, Drags Consumer Confidence Lower

Courtesy of ZeroHedge. View original post here.

Americans' confidence in the economy has waned slightly following Hurricanes Harvey and Irma, which caused more than $100 billion in damage, pushed up gas prices and spurred a jump in unemployment filings.

Overall, Bloomberg reports that the share of consumers expecting good times financially in the economy fell to 47 percent from 54 percent in August.

Share of consumers judging home-buying conditions as favorable was at five-year low

Richard Curtin, director of the University of Michigan consumer survey, said in a statement.

In the past year, there has been a long list of issues that could have derailed the overall level of consumer confidence, including the unprecedented partisan divide, North Korea, Charlottesville, and the hurricanes,” 

“Confidence has nonetheless remained very favorable, moving sideward in a very narrow positive range.”


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