Recent Posts by Mark Fleming
Mark Fleming is the chief economist for First American Financial Corporation and leads First American’s Decision Sciences team.
Uncertain Mortgage Rate Outlook Clouds Affordability Heading into 2025
By
Mark Fleming on November 27, 2024
Key Points: Affordability fell by 2.6 percent on a month-over-month basis, snapping a four-month streak of improving affordability. House-buying power declined by more than $14,000 due to the increase in mortgage rates since October. If the average mortgage rate decreases to the year-end consensus industry forecast of 6.2 percent and annual house ...
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Housing Affordability Improves Nationally for Second Straight Month
By
Mark Fleming on October 29, 2024
Key Points: National affordability improved on an annual basis for the second consecutive month yet remains low historically. In deciding whether to rent or own, it’s important to remember the wealth-building power of equity accumulation. Even homeowners who bought at the height of the housing boom in 2006 have gained $169,000 in equity, while ...
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2024 House Price Blitz – Analyzing NFL Divisions by Median House Prices
By
Mark Fleming on October 7, 2024
Key Points: The NFC West has the highest median sales prices because it’s home to three of the most expensive markets in the country: San Francisco, Los Angeles, and Seattle. The AFC north has the lowest median sale prices because it includes two of the least expensive markets in the country – Cleveland and Pittsburgh. Markets comprising the NFC ...
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National Housing Affordability Improves Annually for First Time in Post-Pandemic Era
By
Mark Fleming on September 30, 2024
Key Points: National affordability improved on an annual basis for the first time since 2021. If mortgage rates ease further to 6 percent by the end of the year, income growth trends towards historical average, and nominal house price growth slows but remains positive, affordability will improve by over 7 percent by the end of the year. Industry ...
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Affordability Improves for Second Straight Month, but Home Buyers Shrug
By
Mark Fleming on August 26, 2024
Key Points: In July, affordability improved annually in 12 markets for the first time since 2021. Despite the improvement in affordability, the only 17 percent of consumers indicated that it’s a good time to buy a home, down from 19 percent in June, according to the Fannie Mae Home Purchase Sentiment Index (HPSI). Affordability nationally remains ...
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Housing Supply Surge Improves Affordability in Some Markets
By
Mark Fleming on July 29, 2024
Nationally, affordability improved modestly on a monthly basis in June, driven by slightly lower mortgage rates and positive income growth. However, on an annual basis, affordability nationally remains approximately 4 percent lower than one year ago. Two factors drove the annualized drop in affordability – a 5.6 percent annual increase in nominal ...
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