Has the Affordability Boost From Falling Mortgage Rates Run its Course?
By
Mark Fleming on October 27, 2020
Throughout 2020, falling mortgage rates have been the strongest influence on housing affordability trends, even helping fuel the housing market’s impressive recovery and resilience to the continuing economic fallout from the coronavirus pandemic. Mortgage rates began declining in January 2020 and even dropped below 3 percent for the first time ...
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Why Housing Market Potential Remains at 13-Year High Point
By
Mark Fleming on October 16, 2020
The housing market’s impressive “V-shaped” recovery has thus far shown significant resilience to the economic impacts of the coronavirus pandemic. Demographically driven millennial demand has continued unabated, low rates have fueled house-buying power, and historically low inventory has increased competition, leading to rising prices.
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Myth or Reality? The Pandemic-Driven Acceleration to the Suburbs
By
Odeta Kushi on October 15, 2020
Several reports indicate that the pandemic has triggered a mass flight from urban centers to the suburbs. It’s true that a move to the suburbs usually offers more space for telework and stay-at-home activities. But, as millennials have been aging into the key lifestyle decisions associated with a greater likelihood of purchasing a home (marriage ...
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Interview with HousingWire: Growth in Housing Market Potential More Sustainable Than Many Believe
By
FirstAm Editor on September 30, 2020
First American Chief Economist Mark Fleming was interviewed on HousingWire’s Daily Download podcast last week and explained why growth in housing market potential may be more sustainable than many people realize.
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How Can Housing Affordability Improve During Periods of Economic Decline When House Prices Rise
By
Mark Fleming on September 28, 2020
Affordability improved in July as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of increased affordability, outpacing the rise in nominal house price appreciation. The average 30-year, fixed mortgage rate fell by 0.75 percentage points and household income increased 5.5 ...
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Housing Market Potential Reaches Highest Level Since 2007
By
Mark Fleming on September 21, 2020
Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels. This is largely because the economic distress from the pandemic has created a ...
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