Consumers have generally been less than sunny about their personal financial situation for the past several months, and a new survey shows that sentiment has continued.
According to Fannie Mae's October National Housing Survey, Americans have a negative view about home prices, the economy and their personal finances, marking the fifth-straight month consumers have been more pessimistic than optimistic.
Doug Duncan, vice president and chief economist of Fannie Mae, said some of the positive economic indicators released in October failed to improve consumer psyche. This bodes poorly for the real estate sector, he cautioned.
"The fact that sentiment appears to be in a holding pattern at depressed levels is a cause for concern for the development of the housing market and for the economy as a whole," said Duncan. "There will be no meaningful economic recovery without a housing recovery."
In addition to negative sentiments regarding the housing market, the survey also revealed that 77 percent of respondents believe the national economy is on the wrong track, tying an all-time low.
While individuals are similarly pessimistic about their personal financial situation, they can help ensure it doesn't further deteriorate by reviewing their credit histories to make sure they're free of any unfair marks. These may adversely affect their FICO scores.