Consumer homebuying power decreased from June to July 2023 and decreased 11.0% year-over-year, according to the First American Real House Price Index, sending housing affordability to its lowest level in more than three decades.
Read More »Housing Market Potential Down 2% YoY
A new Housing Perspectives Blog post by Mark Fleming, the Chief Economist for First American Financial Corporation and the lead of First American’s Decision Sciences Team, focused on housing market potential and the lock-in effect.
Read More »Does Recent Data Signal a Bottom in the Housing Market?
According to First American Financial Corporation, housing affordability fell relative to one month ago as two of three key drivers of the Real House Price Index (RHPI), nominal house prices and mortgage rates reduced house-buying power by 0.7%.
Read More »Real House Prices Increased 3.2% in March
While the Real House Price Index found that home prices, and therefore affordability, decreased across the country, median household income has increased 4.1% since January 2022.
Read More »Despite Market Conditions, Potential Existing Home Sales Increased 0.45% MoM
Based on April’s data, potential existing-home sales increased to a 5.34 million seasonally adjusted annual rate, a 0.45% month-over-month increase. This represents a 53.3% increase from the market potential low point over 30 years ago in February 1993.
Read More »Credit Conditions Tightened Slightly in March
According to a new report from First American, the Potential Home Sales Model for March revealed it is unlikely that the recent banking crisis will materially impact residential mortgage availability.
Read More »The Week Ahead: Servicers and Government Officials to Meet in D.C.
The Annual Five Star Government Forum is set for April 11 in Washington, D.C., bringing together mortgage servicing leadership and government agency reps to discuss the industry’s most pressing issues.
Read More »Potential Home Sales Increase 2.6% Since February
“Our Potential Home Sales Mode has now increased for four consecutive months alongside generally lower mortgage rates, providing some optimism,” said Mark Fleming, Chief Economist at First American.
Read More »The State of Government Loan Servicing
The 13th Annual Five Star Government Forum is set for next week in our nation’s capital, bringing together mortgage servicing leadership and government agency reps to discuss the industry’s most pressing issues and work toward solutions.
Read More »Housing Market Potential Drops 17% YoY
“The steep annual decline in market potential was largely a result of higher mortgage rates, which prevent both buyers and sellers from jumping into the market,” said Mark Fleming, Chief Economist for First American Financial Corporation.
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