Housing affordability is a function of three economic drivers: nominal house prices, household income and mortgage rates. When incomes rise, consumer house-buying power increases. Declining mortgage rates or declining nominal house prices also increase consumer house-buying power. Our Real House Price Index (RHPI) uses consumer house-buying...
First American Deputy Chief Economist Odeta Kushi provided perspective on millennial homeownership in an interview with National Public Radio and Chief Economist Mark Fleming’s expectations for the spring home buying season were featured in a Forbes.com article earlier this month.
Topics: Housing, In The News, Interest Rates, Millennials, Affordability
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 metrics that comprise the Real House Price Index (RHPI). November 2018 was no exception, as household income, mortgage rates, and the unadjusted house...
Topics: Interest Rates, Real House Price Index, Affordability, Insider
First American Chief Economist Mark Fleming was interviewed on both CNBC and Yahoo! Finance earlier this week and discussed the outlook for mortgage rates in 2019, the impact of student debt on millennial first-time home buyers and how baby boomers aging in place is limiting housing supply.
Topics: Housing, In The News, Interest Rates, Millennials, Affordability, Baby Boomers
First American Chief Economist Mark Fleming was interviewed on CNBC earlier this week and shared his perspective on today’s housing market and the outlook for 2019.
Topics: Housing, In The News, Interest Rates, Millennials, Affordability
For the second consecutive month, all three key drivers of the Real House Price Index (RHPI), household income, mortgage rates, and the unadjusted house price index, increased compared with a year ago. The 30-year, fixed-rate mortgage and the unadjusted house price index increased by 0.9 percentage points and 7.3 percent respectively. Even...
Topics: Interest Rates, Real House Price Index, Affordability, Insider
