A report released by Moody’s Analytics and Equifax has projected that 2012 will be an upbeat year for the consumer, auto and home lending markets of America. Speaking about the rosy predictions, Equifax Chief Economist Amy Crews Cutts said, “After spending recent years in the financial doldrums, U.S. consumers are poised to make a comeback in 2012. The most promise we have seen has primarily been within the consumer spending and auto financing sector, while the housing market continues to see incremental progress towards gaining traction in the coming months.”
The report states that inquiries for credit cards have increased by 41 per cent since the recession’s nadir, while retails sales rose by 7.7 per cent in 2011. The ongoing increase in auto sales has likewise driven the strengthening demand for both new and used vehicles, resulting in a 27% jump in auto loan inquiries. On the housing front, the report shares the belief that interest rates being at all time lows will entice buyers to (re)enter the real estate market.