Articles Tagged with ''Mark Fleming''

First American: Stock market volatility aids potential homebuyers

Market potential for existing-home sales increases 1.1% year-over-year
In December, potential existing-home sales moderately increased from the previous month and inched forward from 2018 levels, according to First American’s Potential Home Sales Model. First American Chief Economist Mark Fleming said that stock market volatility is aiding potential homebuyers.
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American homeownership tenure is climbing

What does this mean for the housing market?
Americans are remaining in their homes longer than ever before, and recent data indicates that homeownership tenure has risen 10% just from 2017. But why are homeowners staying put and what does that mean for the housing market's future?
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First American: California wildfires contribute to rising defect risk

Mortgage loan application misrepresentation rises 2.5% in November
In November, defect risk climbed across the country, partially attributed to the growing defect risk of areas affected by California's recent wildfires, according to the latest First American Loan Application Defect Index. First American Chief Economist Mark Fleming said the question is not if defect risk will continue to increase, but when will it stop.
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Experts: Wage growth could further rate hikes in 2019

But one expert thinks 2018 will end on a jolly note
In November, the unemployment rate held steady at 3.7% and wages rose slightly, leading some experts to predict the likelihood of continual rate hikes in 2019. Despite these concerns, one expert believes homebuyers will end the year on a jolly note.
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First American: Home prices point to trouble ahead

Data reveals Americans need income growth
Home prices have climbed 15.3% year over year, signaling affordability concerns lie ahead, according to First American's Real House Price Index. First American Chief Economist Mark Fleming said without stronger household income growth, rising mortgage rates will continue to impede consumer house-buying power.
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First American: Mortgage rates overshadowing healthy economy

Market potential for existing-home sales decrease 0.4% year-over-year
In October, potential existing-home sales rose from the previous month, but fell below 2017 levels, according to First American’s Potential Home Sales Model. First American Chief Economist Mark Fleming said despite the boost in demand and positive economic environment, the market potential for home sales has outpaced actual existing-home sales for five straight years.
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Homeowners are staying put longer than ever before

With a disincentive to move, they may just look for other ways to tap that equity
Homeowners are staying in place longer than ever before, despite the growing amount of equity in their homes. A new report from First American reveals that the median tenure for homeownership has jumped to 10 years, up 10% from last year. But what will they do about all that untapped equity?
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Construction spending barely inches forward

August is 6.5% above August 2017
The U.S. Census Bureau of the Department of Commerce announced that construction spending during August 2018 was estimated at a seasonally adjusted annual rate of $1.319 trillion, only 0.1% above the revised July estimate of $1.317 trillion.
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Federal Reserve hikes interest rates again

As expected, the Federal Reserve pushed rates up an additional .25% to stymie inflation
The Federal Reverse raised interest rates for the third time this year, pushing rates up by .25% to 2.25%. Strong economic growth and a booming job market have led to the eighth rate hike since 2015, as the Fed tries to rein in the acceleration of inflation.
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