Tag Archives: Mark Fleming

“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.

While nominal house price appreciation slowed in response to affordability-constrained demand, new data revealed falling house prices could cause foreclosures to jump, according to the First American Real House Price Index,

“While the NFCI Credit index indicated that credit tightened in March, which reduced housing market potential, the credit tightening was modest and far from recent pandemic lows, and certainly nothing like the Great Financial Crisis period,” said Mark Fleming, Chief Economist at First American.

“The spring season is typically the busiest time of the year for the housing market,” said Mark Fleming, Chief Economist at First American.

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.

Housing market potential increased in November-December 2022 but remains lower than it was in December 2021.

According to Chief Economist Mark Fleming, if inflation decelerates toward the Fed’s target range in the second half of 2023, as is currently expected, it’s possible that mortgage rates may decline modestly in the latter half of the year.

First American reports that between September 2022 and October 2022, rose nearly 9% month-over-month, with the rapid annual decline in affordability driven by a 12% annual increase in nominal house prices.

According to First American’s Chief Economist, two major hurdles stand in the way of homebuyers and affordable homes. Click through to find out what those obstacles are.

As overall mortgage rates edge closer to 7%, mortgage app volume experienced their fourth consecutive month of declines, with an uptick in ARM loans demonstrating that they remain a feasible option for borrowers seeking ways to reduce their monthly payments.