Mark Fleming, Chief Economist at First American was interviewed today on the podcast by Bloomberg Radio’s Denise Pellegrini and had positive things to say about the Housing Market. According to Mark Fleming:
Affordability is increasing and fastest in certain cities including but not limited to Portland, Seattle, San Francisco and Los Angeles.
Interest rates remain consistently low.
The labor market is improving.
Wage growth continues to grow.
House prices nationally, in our concept of real buying power adjusted terms, are 18% below the year 2000.
All of these bullet points bode well for millennials. We just have to be patient and allow them to get educated so they become future home owners.