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Economic Center Blog

What Are The Prospects For Future Homeownership Demand?

By Mark Fleming on August 17, 2017

We’ve posted the annual First American Homeownership Progress Index (HPRI), which measures how a variety of lifestyle, societal and economic factors influence homeownership rates over time at national, state and market levels. The HPRI declined 0.4 percent year-over-year, and is down 6 percent from the pre-recession peak. Potential homeownership demand is at the same level it was in 1990.

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Topics: millennials, Homeownership Progress Index, HPRI

Housing Market Faces Dilemma As Millennial Demand Continues To Grow

By Mark Fleming on June 20, 2017

First American’s proprietary Potential Home Sales model examines May 2017 data and includes analysis from First American Chief Economist Mark Fleming on how the real estate market is performing versus its potential.

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Topics: millennials, Existing Home Sales, Potential Home Sales, affordability

Can You Spring Break Into Homeownership?

By Mark Fleming on March 16, 2017

Spring break is fast approaching, that playful time of year when beach cities are inundated with college students and tourists. As housing economists, spring break is exciting because it coincides with the beginning of the spring home buying season! While we may not seem to have much in common with the college crowd, there is an underlying connection: education.

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Topics: millennials, Education, Homeownership Progress Index, insider

Money Matters Radio Interview – Does Marriage Matter To Homeownership?

By FirstAm Editor on February 17, 2017

First American Chief Economist Mark Fleming is interviewed on Money Matters Radio in Boston and shares his perspective on the connection between marriage, declining homeownership rates, and Millennial home buying.

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Topics: In The News, Homeownership, millennials

Is Love The Answer To Declining Homeownership?

By Mark Fleming on February 13, 2017

For Valentine’s Day, we pondered the question, could more love lead to an increase in homeownership? This is a serious question because marriage and homeownership, perhaps the two most enduring institutions of our society, have shaped the economic fortunes of many Americans.

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Topics: millennials, Education, Homeownership Progress Index, insider

Three Reasons To Remain Bullish On Housing

By Mark Fleming on January 17, 2017

Last week, I participated in the 2017 Housing Market Forecast and Homebuyer Trends webinar hosted by the American Land Title Association (ALTA).  Jessica Lautz, a consumer research expert from the National Association of Realtors, and I discussed how the real estate market is changing and what we can expect. We tried to answer the question posed in the title of the webinar, “Has the Game Changed?

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Topics: Homeownership, millennials

Home [ownership] For The Holidays

By Mark Fleming on December 22, 2016

No matter your life stage, ‘tis the season to pack up your stuff and head home for the holidays. Home is where we congregate with family and friends over a hot meal, catch up on events, and maybe even ring in the New Year. But, home does not look the same for all. In fact, “home” doesn’t have to be the white picket fence with the smoking chimney in a quiet suburban neighborhood. Increasingly, for Millennials, home may be a rented apartment in the middle of the city.

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Topics: millennials, Homeownership Progress Index

CNBC Interview: Discussing The Impact Of The Election On Interest Rates, Future Of Technology In Real Estate Finance

By FirstAm Editor on November 22, 2016

First American Chief Economist Mark Fleming was interviewed yesterday on CNBC regarding the surge in interest rates following the U.S. presidential election and what it means for the housing market in the year ahead.

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Topics: In The News, Interest Rates, millennials

Life, Liberty, And The Pursuit Of Homeownership

By Mark Fleming on November 18, 2016

It’s that time of year again. The time when we come together and celebrate the American tradition of giving thanks for the many blessings in our lives. Often we give thanks for having the basic necessities of life: food, health, water and shelter. While all of these things are vital to human existence, as a housing economist, I naturally tend to focus on shelter.

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Topics: millennials, Education, Homeownership Progress Index

Buy, Buy Millennials!

By Mark Fleming on November 7, 2016

A common narrative over the last several years is that Millennials are breaking with the habits of their parents when it comes to home buying. Millennials rent longer, live with their parents, and are burdened with student loan debt. In short, it would seem that for a variety of reasons they aren’t as interested in homeownership as their predecessors. We’ve examined this issue in previous posts, and found that, contrary to conventional wisdom, Millennials continue to strive for homeownership. Advancing their education has been a top priority for Millennials, and they stand to benefit from the higher incomes that accompany higher education levels. As the first wave of Millennials ages into homeownership, the real question becomes, how healthy is the housing market they are entering?

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Topics: millennials, Real House Price Index, mortgage rates