Consumer confidence is suffering as many are still wary from the financial crisis. Experts say that confidence in the economy is necessary in order for the housing market to continue to strengthen. Many consumers have cut back spending, lowering the percentage of home sales in the U.S. 2013’s black Friday event produced the lowest level of sales in approximately seven years according to the National Retail Federation. Although confidence remains low, numerous experts expect the confidence level to increase as consumers are decreasing the amount of debt created during the financial crisis. Managing director at FBR Capital Markets, Paul Miller said, “our findings suggest that the consumer de-leveraging experienced since the financial crisis will trough in the next year or two, driven by improved mortgage credit availability and better consumer demand.” More here
