Economic Center Blog
Welcome to the First American Economic Center Blog, a top source for the latest housing market research and analysis driven by Chief Economist Mark Fleming.

Why Has Housing Market Potential Rebounded During The Pandemic?

By Mark Fleming on August 20, 2020

With a July unemployment rate of 10.2 percent and roughly 30 million Americans claiming unemployment benefits, it’s clear that the domestic economy continues to feel the pain inflicted by the coronavirus pandemic. Yet the housing industry, at least for now, continues its impressive V-shaped rebound. Weekly purchase applications have surpassed...

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Topics: Interest Rates Potential Home Sales tenure

This Time It’s Different – Why A Wave Of Foreclosures Is Unlikely

By Odeta Kushi on August 10, 2020

Following the rapid contraction in U.S. economic activity as a result of the outbreak of COVID-19, the unemployment rate spiked to 14.4 percent in April and remained elevated in May (13.0 percent), setting the mark for the two highest recorded rates in the post-World War II era. Despite the federal foreclosure moratorium, there were fears that...

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Topics: Housing Interest Rates

Interview With Yahoo! Finance: Impact Of COVID-19 On The Summer Housing Market

By FirstAm Editor on July 30, 2020

First American Chief Economist Mark Fleming was interviewed on Yahoo! Finance earlier this month, discussing the impact of COVID-19 on the housing market and mortgage rates dropping below 3 percent for the first time ever.

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Topics: Housing In The News Interest Rates

What The Historic Mortgage Rate Drop Means For Affordability

By Mark Fleming on July 27, 2020

As the coronavirus pandemic continues to wreak havoc on global and domestic economies, housing has thus far proven resilient, managing a V-shaped recovery from the low point reached in April. The strong rebound is largely a result of two dynamics that existed before the pandemic and have continued or even gained strength in the last few months.

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Topics: Interest Rates Real House Price Index Affordability

Will Household Formation Continue To Boost Housing Market Potential Amid The Pandemic?

By Mark Fleming on July 16, 2020

The domestic and global economy continue to feel the pain inflicted by the coronavirus pandemic. Yet the housing industry, at least for now, is bucking the trend. Weekly purchase applications have surpassed their levels from one year ago for eight straight weeks, as potential buyers respond to record low mortgage rates. The market potential for...

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Topics: Interest Rates Potential Home Sales tenure

Pandemic Unlikely To Slow Looming Wave Of Millennial Marriages And Corresponding Increase In Potential Homeownership Demand In The Long Run

By Odeta Kushi on July 15, 2020

Millennials are already the most educated generational cohort in U.S. history, which bodes well for future homeownership demand. But they are also aging into key lifestyle decisions, like marriage and having children, associated with a greater likelihood of purchasing a home. According to our analysis of anonymized household data, millennials...

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Topics: Affordable housing Millennials Homeownership Progress Index Homeownership