Tag Archives: Market Potential

“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.

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

“The higher the mortgage rate, the more sellers will go on strike and the more potential buyers will feel the impact of reduced house-buying power, but price appreciation will further slow and potential buyers can use adjustable-rate mortgages to regain some of that lost house-buying power,” said Mark Fleming, First American’s Chief Economist.

Potential is defined as the latent ability for a thing to develop into something bigger in the future. Currently, the housing market is trying to find a new ...

Some of the effects of rising mortgage rates will likely linger throughout 2017, according to one analysis.