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.

The REconomy Podcast™: Where are mortgage rates headed and what makes them so hard to forecast?

By FirstAm Editor on May 18, 2023
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss why mortgage rates are notoriously difficult to forecast and how post-pandemic dynamics are influencing the direction of mortgage rates in 2023. Read More›

Housing Interest Rates Affordability REconomy

The REconomy Podcast™: What Would the Economy and Housing Market Look Like if the Pandemic Never Happened?

By FirstAm Editor on May 4, 2023
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss what may have happened to the economy and the housing market if the COVID-19 pandemic had never occurred. Read More›

Housing Interest Rates Affordability REconomy

Why Declining House Prices and Softening Labor Market Will Not Trigger a Foreclosure Tsunami

By Mark Fleming on April 21, 2023
Affordability has now improved for four straight months, yet remains down 32 percent since February 2022, according to the Real House Price Index (RHPI). Recently falling mortgage rates have overpowered the affordability-dampening effects of higher nominal house prices. Nominal house price appreciation has slowed dramatically in response to ... Read More›

Interest Rates Real House Price Index Affordability

The REconomy Podcast™: Underutilized Office Buildings Pose Challenge to Commercial Real Estate Sector

By FirstAm Editor on April 20, 2023
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how underutilized office space may impact the commercial real estate industry with special guest Senior Commercial Real Estate Economist Xander Snyder Read More›

Housing Interest Rates Affordability REconomy

The REconomy Podcast™: What Do the Recent Bank Failures and Federal Reserve Actions Mean for the Housing Market?

By FirstAm Editor on April 7, 2023
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi break down the housing market implications from an eventful month of March, which included ongoing inflationary pressure, bank failures and a Federal Reserve rate increase. Read More›

Housing Interest Rates Affordability REconomy

What Makes a Boom-Bust Market?

By Mark Fleming on March 30, 2023
Affordability has now improved for three straight months, yet remains down 39 percent since January 2022, according to the Real House Price Index (RHPI). Nominal house price appreciation has slowed dramatically in response to dampened demand. Nationally, annual nominal house price growth peaked in March 2022 at 21 percent, but has since ... Read More›

Interest Rates Real House Price Index Affordability

The REconomy Podcast™: Why House Prices in Some Markets are More Resilient than Others

By FirstAm Editor on March 23, 2023
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss home price trends nationally and at the market level, examining why house prices in some markets are more resilient than others as house prices adjust to higher mortgage rates. Read More›

Housing Interest Rates Affordability REconomy

The REconomy Podcast™: What is a Housing Recession and is the U.S. in One Now? (Part 1)

By FirstAm Editor on March 9, 2023
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how to define the term ‘housing recession’ and try to determine whether or not the U.S. housing market is currently in a housing recession. Read More›

Housing Interest Rates Affordability REconomy