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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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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After hitting a low point in the spring, the housing market has rebounded strongly during the pandemic. Historically low mortgage rates have fueled demand and increased home buyers’ purchasing power amid an ongoing housing supply shortage. The widening imbalance between housing supply and demand has pushed house prices higher. Some now fear that ...
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First American Deputy Chief Economist Odeta Kushi was interviewed on HousingWire’s Housing News podcast earlier this month and discussed her perspective on the forces powering the housing market’s V-shaped recovery and what may be in store for the rest of the year.
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Based on our analysis last month, a wave of foreclosures similar to levels seen during the Great Recession is unlikely to occur despite the continuing economic hardship caused by the COVID-19 pandemic. Homeowners are in a much better position to weather this crisis, in part because household equity is near a three-decade high, negating one of the ...
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The coronavirus pandemic continues to wreak havoc on global and domestic economies, yet housing has thus far managed an impressive V-shaped recovery. Housing’s strong rebound has been driven by several factors that existed before the coronavirus outbreak but have continued or even gained strength amid the pandemic. Mortgage rates are even lower ...
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