National Housing Market Outlook

FOX: 4-Minute Housing Summary

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John Burns

August 28, 2013

I was on Fox Business yesterday summarizing the conflicting housing data. Here is a brief summary of my comments:

  • The recovery is still occurring but at a more normal pace.
  • There are huge differences by geography. Las Vegas and San Francisco have both appreciated 20%+ in the last year, but for completely different reasons.
  • Entry-level buyer activity is slowing down, not because of rising mortgage rates but because the most qualified buyers have already purchased.
  • Mortgage lending is only getting slightly more aggressive and won’t heal completely until the Dodd-Frank QRM rules get defined.
  • Home sizes are rising because that is what consumers still want. While some older buyers are choosing to downsize and first-time buyers are being forced to buy a smaller home, the number of people desiring larger homes is much greater.

The foreign buyer is also having a noticeable impact on price increases, particularly in the hottest markets. Given the diversity of nationalities involved, this is a complicated part of the puzzle we are working hard to understand. We welcome any insight you may have.

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John Burns
Chief Executive Officer
As CEO, John grows, leads, and supports a team of passionate, articulate, likable, and smart experts. Together, we solve today so our clients can navigate to tomorrow.

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