The remaining participants are pretty evenly split between a "bumpy landing," in which growth slows to a below-average rate and then rebound to a sustainable pace, and a "soft landing," in which growth slows to a sustainable pace. To 49%, a bumpy landing is more likely, with 42% selecting the soft landing.

Falling interest rates from the Fed are credited with improved market conditions for debt financing, according to the survey. The debt financing index rose to 90 thisquarter, the highest reading since NMHC started the survey in July 1999 and much higher than the 6 recorded this time last year. An index reading above 50 indicates, that on balance, debt market conditions are looser while a reading below 50 means conditions are getting tighter.

Equity finance condition remains generally tight but show some signs of easing. With a score of 54 this quarter, this is the first time the equity financing index has exceeded 50.