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MortgagePoint November 2023

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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Page 81 of 83

MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 80 NOVEMBER 2023 F I N A L T H O U G H T S "the malaise consumers feel" Doug Duncan, SVP and Chief Economist at Fannie Mae, details the worsening concern consumers feel about the home purchase market and how home prices are a primary factor in why potential homebuyers feel it's a bad time to purchase. "wave of demand" Ksenia Potapov, Economist at First American Financial Corporation, reveals the significant housing gap between baby boomers and millennials, and the rate in which housing demand from younger generations outpaces that of older potential homebuyers. "a step further" Clare Trapasso, Executive News Editor at Realtor.com, expresses her insight on the path many homebuyers are taking to achieve the American Dream by living with relatives to combat housing costs. "taking the wind out of the market's sails" Jeff Tucker, Senior Economist at Zillow, discusses the effect of elevated mortgage rates pushing monthly mortgage payments beyond homebuyers' budgets, resulting in a significant decline in housing competition. "a virtual standstill" Sam Khater, Chief Economist at Freddie Mac, explains that purchase activity has come to an abrupt halt as mortgage rate hikes continue to affect homebuyer demand and affordability worsens for homebuyers nationwide. FINAL THOUGHTS In this month's Final Thoughts, experts express their predictions and opinions on the state of housing affordability, fluctuating home prices, the effects of rate hikes, and how the homebuying process differs among generations.

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