Riddle me this – what is more popular the US Congress or the US Banks? The race remains quite close with the Congress at about 13 percent approval rating and according to a recent survey from the University of Chicago only 23 percent of Americans say they trust the country’s financial system.
The survey also reported that trust in banks continued a downward spiral –now at 30 percent from 39 percent this past June. We’re surprised that the trust number for the banks sits even that high.
Like some of the attendees at our recent panel event, 62 percent of people surveyed described themselves as “angry” or “very angry” about the current economic situation.
We try not to place too much attention on national economic numbers especially in terms of real estate and jobs because the job and real estate market in San Francisco hardly compares to that in Fargo. Nonetheless, we find the the fact that the percentage of people who think that house prices will drop in the next 12 months is 23 percent (compared to 33 percent in September 2011) interesting. On the other side, 77 percent of respondents expect house prices to remain stable or increase, up from 67 percent in September 2011.
Will the banks try and manipulate the market with their REO market? We gotta think so. They certainty do not want any more collapse.