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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 80 June 2024 F I N A L T H O U G H T S "highly competitive" Matt Vernon, Head of Consumer Lending at Bank of America, expands on consumers being torn between renting and homebuying, as ongoing buyer competition remains despite high interest rates and property prices, leaving many renters and prospective homebuyers unsure about buying a home. "an alarming pace" Andrew Housser, Achieve Co-Founder and Co-CEO, talks about the overwhelming number of American consumers that are struggling with debt, leading with household and credit card debt, which is increasing at a rapid pace. "a sizable gain" Danielle Hale, Chief Economist at Realtor.com, explains that while home prices hit a record high in April, home sales in upper-end markets are seeing substantial growth due to more supply entering the market—meaning good news for homeowners. "ease the affordability crunch" Dr. Selma Hepp, Chief Economist for CoreLogic, reveals that home price growth is slowing, and is expected to decline further by next spring, offering buyers more opportunities to purchase a home. "not all bad news" Chen Zhao, Redfin Economics Research Lead, touches on mortgage rates inching downward, leaving buyers more room to negotiate as homes linger on the market, causing sellers to lower their asking prices and make concessions. FINAL THOUGHTS In this month's Final Thoughts, experts from BofA, Achieve, Realtor.com, CoreLogic, and Redfin discuss various sectors of the housing market, highlighting homebuyer sentiment, consumer debt, home prices and sales, potential rate cuts, and what buyers, sellers, and renters can expect in the coming months.