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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 80 July 2024 F I N A L T H O U G H T S "not enough homes" Orphe Divounguy, Senior Economist at Zillow, explains how millions of U.S. households remain cost-burdened as the lack of available inventory across the nation continues to push the American Dream of homeownership even further out of reach for many aspiring homebuyers. "sluggish" Elijah de la Campa, Senior Economist at Redfin, reveals that while homebuyers are facing the headwinds of a hot market, home sales remained flat in May, as elevated housing costs are making prospective sellers and house hunters skittish. "vulnerable market" Rob Barber, CEO at ATTOM, expands on U.S. housing market vulnerability and the patterns seen in past years, which are expected to continue, with areas of California, New Jersey, and Illinois having the highest concentrations of at-risk markets in the country. "an unusual situation" Robert Dietz, Chief Economist at the National Association of Home Builders, discusses the lack of headway made on reducing shelter inflation as home builder confidence in the market for newly built single-family homes waned in June. "homebuyer affordability crunch" Dr. Selma Hepp, Chief Economist for CoreLogic, talks about the result slowing of home prices, indicating purchasers' heightened sensitivity to climbing interest rates, as well as the expectation that lower rates in the future will help alleviate the affordability issue. FINAL THOUGHTS In this month's Final Thoughts, experts from Zillow, Redfin, ATTOM, the National Association of Home Builders, and CoreLogic discuss the volatile and ever-changing housing market, recent trends and expectations, spotlighting home builder sentiment, at-risk markets, the state of U.S. home prices and sales, potential mortgage rate declines, and what opportunities homebuyers, sellers, and renters can expect for the remainder of 2024 amid an ongoing affordability crisis.