MReport June 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS Causes and Effects Mortgage industry experts examine the fallout from the confluence of high inflation and record-high home prices, as it relates to inventory and affordability. "shortage to ease" Redfin Deputy Chief Economist Taylor Marr predicting inventory levels to rise as sky-high prices push more buyers out of the market. "quarantine-low" Senior Economist and Manager of Economic Research George Raitu on the drop in new home sales citing high construction costs and surging mortgage rates. "more balance" President and CEO of RE/MAX Nick Bailey on how rising interest rates are affecting sales and how it relates to the "sellers' market" we have recently seen. "declines are imminent" Lawrence Yun, National Association of Realtors Chief Economist, on how higher home prices and sharply higher mortgages rates will do to purchases in the future. "extremely low" AVP of Economic and Industry Forecasting for the Mortgage Bankers Association Joel Kan, on the slight increase in inventory that occurred in April 2022 but is still at a historically low rate.

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