Fannie Mae’s Doug Duncan explores the future of housing
The Housing News Podcast is a weekly wrap of the top news stories by HousingWire CEO Clayton Collins.
Each week, HousingWire interviews financial services experts who can help make sense of the latest headlines, sponsored by our partners at Blend.
This week, Doug Duncan, the chief economist at Fannie Mae, closes out season one of the Housing News Podcast with a bang. Duncan takes a look at several industry hot topics ranging from the nation’s lack of housing supply to its changing demographics. Additionally, Duncan discusses the likelihood of an economic recession and what that could mean for the housing industry.
Here’s more detail on the topics of discussion this week:
Mortgage applications are up, but home sales are down, and lower rates don’t seem to be making an impact. What gives? Blame a lack of housing supply, according to a report from Capital Economics, which notes that “qualifying for a mortgage is of little help if you can’t find a home to buy.”
Despite the political and social turmoil facing the nation’s Hispanic population, data suggests the demographic remains resilient in their pursuit in achieving the American dream of homeownership. According to the National Association of Hispanic Real Estate Professionals, the demographic now accounts for more than 60% of the nation’s homeownership growth within the last 10 years.
In July, the United States set a record for the longest economic expansion, but this is forecasted to end in 2020. According to a panel of more than 100 housing experts and economists, the next recession is expected to hit in 2020. A few even said it may begin later in 2019, while another substantial portion predict that a recession will occur in 2021.
And here are links to the topics discussed:
1) Lack of housing inventory is weighing down the market
2) Hispanics now lead the charge in U.S. household growth
3) Economists say 2020 recession likely, but housing market won’t be the cause