Department of Duh: Consumer Confidence Not So Strong

Remember our discussion a few weeks back about how the future of the real estate market is a total crapshoot?

Add another reason to the list.

From the Conference Board:

"The Conference Board Consumer Confidence Index™, which had improved moderately in September, fell to an all-time low in October. The Index now stands at 38.0 (1985=100), down from 61.4 in September."

In other words, since they began tracking this metric in 1985 American consumers have never felt less confident about the economy. This isn't necessarily a surprise, given the dramatic financial losses most consumers experienced when they watched their retirement nest eggs partially vaporized by a panicked stock market. But surprise or no, it's unwelcome news to the economy and, by extension, the housing market.

If you're a potential first-time home buyer feeling unconfident about the economy and world in general—historically unconfident—you may be gun-shy about making big ticket purchases, and a home is usually the biggest ticket purchase one ever makes. As long as the economic uncertainty persists, this may have a downward effect on home sales—despite the recent uptick.

Time will tell, and you know we'll be watching and reporting.

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