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I’m the chief economist for a $5 billion real estate data and title company. Here are 5 things you need to know about the housing market now
Mark Fleming Housing has become increasingly unaffordable to millions of Americans — with home prices and mortgage rates continuing to rise (see the lowest rates you may qualify for now here). So – as part of our series where we ask prominent economists and real estate pros their take on the housing market now – we talked to Mark Fleming. Fleming – the chief economist for title, settlement, real estate data and risk solutions company First American Financial Corporation – has analyzed and forecast the real estate and mortgage markets for 20 years. Before becoming the chief economist at First American, Fleming developed insights and analytical products for CoreLogic as…
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Housing Market Warning as Prices Suddenly Fall in One U.S. City
Continuously rising house prices have sparked warnings of a looming crash in the real estate market, but one analysis has shown that a city with soaring prices is already seeing a dip in property values over the last month. Data last month from the Federal Housing Finance Agency (FHFA) showed that across the country, house prices rose in April by 1.6 percent, compared with the previous month. But year-on-year figures showed the real scope of runaway house prices and the squeeze put on first-time buyers. The FHFA said values spiked by nearly a fifth (18.8 percent) and over the last two years, up by more than a third (34 percent).…
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Lowe’s CEO Marvin Ellison says work-from-home and a robust housing market continue to give the home improvement retailer a boost
Consumers may be preparing for spring and summer travel and events but Lowe’s Cos. Chief Executive Marvin Ellison says shoppers will keep spending on their homes. “The home will be forever redefined by the pandemic,” Ellison told MarketWatch on Wednesday after the home improvement retailer LOW, -1.80% reported fiscal first-quarter results. Key among the ways in which the home has shifted during COVID-19 is that for many it doubles as a workspace. He doesn’t see the nation’s workers heading back to the office in the same way they did before the pandemic. “This drives a different kind of home spend that did not occur pre-pandemic,” he said. “That bodes well…
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Housing industry getting hit by ‘perfect storm,’ billionaire real estate developer warns
Billionaire real estate developer Jay Bloom says the housing ‘boom’ is caused by supply chain interruptions, low-interest rates and ‘foreclosure moratorium’ due to the pandemic. Billionaire real estate developer Jay Bloom warned consumers Thursday the housing industry is getting hit by the “perfect storm.” “We’re in the middle of a real estate boom like we haven’t seen in the past,” Bloom told “Cavuto: Coast to Coast.” He said several different factors impact homebuilding in the red-hot housing market – from supply chain interruptions to low-interest rates and the “foreclosure moratorium” during the pandemic. US RENT PRICES REACH RECORD HIGHS AS BUYERS PUSHED OUT OF MARKET “A $12 piece of lumber…
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Housing bubble 2022? Real estate expert on Florida, Austin, Boise
Anyone looking to buy a house right now is in a rough spot: Home values continue to be at all time highs, and rising interest rates make mortgages increasingly expensive. As of March, Zillow values the typical U.S. home at $337,000, a nearly 21% increase from year ago and a nearly 34% increase from 24 months ago. In some of the country’s hottest housing markets, the jump in home values is even more dramatic. Home values in Austin, Texas, for example, have increased some 71% since March 2020, according to Zillow data. In fact, nearly 40 the country’s biggest metros have seen home values increase more than 40% in the…
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What is happening in this housing market?
First-time buyers will be priced out The persistent lack of supply in today’s market combined with surging demand is driving up prices and pushing more prospective buyers to the sidelines. “All the metrics related to income and affordability in housing appear out of sync and the strange movement in the data is really caused by lack of supply,” said Lawrence Yun, chief economist at the National Association of Realtors. “We need to get the inventory up.” The typical home has seen a 40% increase in monthly payments over a year ago, said Yun, with a roughly 20% increase in home prices and another 20% in higher mortgage rates. “People’s incomes…
