RSS From Economist Mark Flemming

  • Why Housing Market Potential Remains at 13-Year High Point October 16, 2020
    The housing market’s impressive “V-shaped” recovery has thus far shown significant resilience to the economic impacts of the coronavirus pandemic. Demographically driven millennial demand has continued unabated, low rates have fueled house-buying power, and historically low inventory has increased competition, leading to rising prices.
    Mark Fleming
  • Myth or Reality? The Pandemic-Driven Acceleration to the Suburbs October 15, 2020
    Several reports indicate that the pandemic has triggered a mass flight from urban centers to the suburbs. It’s true that a move to the suburbs usually offers more space for telework and stay-at-home activities. But, as millennials have been aging into the key lifestyle decisions associated with a greater likelihood of purchasing a home (marriage […]
    Odeta Kushi
  • Introducing the REconomy: Debut Podcast from First American Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi October 13, 2020
    In the inaugural episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the economic forces influencing real estate, affordability, housing supply, the impact of historically low interest rates, and how the COVID-19 pandemic is shaping demand for housing.
  • Interview with HousingWire: Growth in Housing Market Potential More Sustainable Than Many Believe September 30, 2020
    First American Chief Economist Mark Fleming was interviewed on HousingWire’s Daily Download podcast last week and explained why growth in housing market potential may be more sustainable than many people realize.
  • How Can Housing Affordability Improve During Periods of Economic Decline When House Prices Rise September 28, 2020
    Affordability improved in July as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of increased affordability, outpacing the rise in nominal house price appreciation. The average 30-year, fixed mortgage rate fell by 0.75 percentage points and household income increased 5.5 percent compared […]
    Mark Fleming
  • Housing Market Potential Reaches Highest Level Since 2007 September 21, 2020
    Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels. This is largely because the economic distress from the pandemic has created […]
    Mark Fleming
  • How Rising House Prices Could Impact Down Payment Size September 17, 2020
    After hitting a low point in the spring, the housing market has rebounded strongly during the pandemic. Historically low mortgage rates have fueled demand and increased home buyers’ purchasing power amid an ongoing housing supply shortage. The widening imbalance between housing supply and demand has pushed house prices higher. Some now fear that the rise […]
    Odeta Kushi
  • Interview with HousingWire: Economics of the Housing Market’s Recovery and What’s Next September 10, 2020
    First American Deputy Chief Economist Odeta Kushi was interviewed on HousingWire’s Housing News podcast earlier this month and discussed her perspective on the forces powering the housing market’s V-shaped recovery and what may be in store for the rest of the year.
  • The Silver Lining for Cities with the Most Homeowner Distress September 3, 2020
    Based on our analysis last month, a wave of foreclosures similar to levels seen during the Great Recession is unlikely to occur despite the continuing economic hardship caused by the COVID-19 pandemic. Homeowners are in a much better position to weather this crisis, in part because household equity is near a three-decade high, negating one […]
    Odeta Kushi
  • Where Housing Affordability is Declining the Most August 24, 2020
    The coronavirus pandemic continues to wreak havoc on global and domestic economies, yet housing has thus far managed an impressive V-shaped recovery. Housing’s strong rebound has been driven by several factors that existed before the coronavirus outbreak but have continued or even gained strength amid the pandemic. Mortgage rates are even lower (below 3% for […]
    Mark Fleming