In a new blog post, First American Chief Economist Mark Fleming explains that " “mortgage rate stability, even if the stabilization occurs at a higher level, is the key to a housing recovery.”
Read More »The Worst of the Lock-in Effect May be Behind Us
“The steep decline in sales driven by the rapid rise in mortgage rates seems to be behind us, as the initial shock of higher mortgage rates has worn off,” said Mark Fleming, the Chief Economist for First American Financial Corporation.
Read More »Nominal House Price Growth Ticked Up in July
Boom-bust markets include Phoenix and Austin, Texas. House prices increased 65% from February 2020 to the peak in May of 2022 for both markets, but have since declined by 9.5%
Read More »First American Adds Jody Mulkey as Chief Technology Officer
In his new role overseeing First American’s corporate product development team, accomplished tech leader will lead enterprise product development, enhancing products serving customers across multiple divisions.
Read More »Federal Reserve: No Rise in Interest Rates This Month
“The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5.00% to 5.25%,” the Fed said in a prepared statement.
Read More »Where Home Affordability Is Declining the Fastest
“Affordability declined month-over-month in all of the 50 markets we track, but some markets saw a much sharper decline than others,” said First American Chief Economist Mark Fleming.
Read More »Housing Market Struggles Headed Into Peak Summer Season
“The housing market remains sluggish heading into the spring homebuying season. While mortgage rates have retreated from recent peaks, they remain elevated compared with one year ago,” Chief Economist Mark Fleming said.
Read More »Potential Home Sales Increase Before Spring Buying Frenzy
“The spring season is typically the busiest time of the year for the housing market,” said Mark Fleming, Chief Economist at First American.
Read More »Mortgage Servicers and Government Agencies to Converge in D.C.
In April, the Five Star Institute will present its annual Government Forum, an event bringing together mortgage servicers and government officials under one roof to share their perspectives on the industry.
Read More »Tumultuous 2022 May Lead to Stable 2023
Since the pandemic, the housing market has been tumultuous, to put it lightly. In a new blog post, First American Economist Ksenia Potapov discusses whether this year will follow the same course.
Read More »