Given the strong likelihood of rising mortgage rates in 2018, many savvy real estate market observers are curious how rising rates may impact demand, especially among millennial first-time home buyers. As part of our quarterly First American Real Estate Sentiment Index (RESI), we recently surveyed title insurance agents and real estate professionals across the nation for their perspective on how sensitive they thought first-time home buyers were to rising mortgage rates and at what rate they would withdraw from the market.
First American Chief Economist Mark Fleming was quoted Tuesday in a feature article on Forbes.com, explaining how rising rates can increase housing demand.
First American Chief Economist Mark Fleming was interviewed yesterday on CNBC and explained the link between rising rates, housing supply and affordability.
It’s a popular myth – the millennial generation is destined to be a generation of renters – avocado toast, anyone? With student loan debt burdens, the scars of the Great Recession, and limited housing supply, the myth is rooted in some real challenges for millennials. However, despite these challenges, millennials are not only interested in homeownership, they are the primary reason that the homeownership rate increased over the past year.
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.
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.
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.
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.
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.
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?”