First American Chief Economist Mark Fleming was interviewed on FOXBusiness and CNBC on Tuesday and discussed the outlook for the housing market and broader economy as well as the impact of tax law changes on housing.
Enacted in 2017, the Tax Cuts and Jobs Act reduced tax breaks for homeowners. At the time, many in the real estate industry expected the changes to negatively impact the housing market, particularly in high-priced neighborhoods. The industry concern primarily focused on two specific changes included in the bill: the mortgage interest deduction...
Topics: Affordability, Taxes, homeownership
We’ve published the findings from a new study that provides an in-depth look at the trends shaping affordability, specifically for first-time home buyers, titled “Why Everything You Know About First-Time Home Buyer Affordability is Wrong.” The study, developed by First American Chief Economist Mark Fleming and Deputy Chief Economist Odeta...
Throughout 2018, consistent growth among three driving forces – mortgage rates, household income and unadjusted house prices – defined the housing market. These three factors are also the core elements of the Real House Price Index (RHPI). While household income rose steadily in 2018, rising mortgage rates offset any affordability benefit for...
Topics: Interest Rates, Real House Price Index, Affordability, Insider
First American Chief Economist Mark Fleming was interviewed on CNBC on Tuesday and discussed how the decline in mortgage rates over the last few months and continued tight housing supply are likely to impact the housing market.
Topics: Housing, New Home Buying, In The News, Interest Rates, Affordability
While 2018 was largely characterized by declining affordability, ending the year with a five percent yearly decline in house-buying power, this trend reversed sharply in early 2019. Moderating home prices, in conjunction with gains in household income and declining mortgage rates, boosted affordability for potential home buyers.
Topics: Interest Rates, Real House Price Index, Affordability, Insider