MReport October 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS A Coming Recession? As precursors to a recession loom over the housing market, we leave you with quotes from experts on what they believe is in store for the market heading into 2023. "not transitory" Doug Duncan, Fannie Mae SVP and Chief Economist, discussing the topic of inflation after the most recent nominal interest rate hike and corresponding commentary by the Federal Reserve. "beginning to spike" Daren Blomquist, VP of Market Economics for, on the topic of new foreclosure numbers (another key recessionary indicator), as noted during a recent panel at the 2022 Five Star Conference's Property Management Lab. "impossible to surmount" Abby Waltz, National Director for Homes for Heroes, on the topic of rising homebuyer costs in light of record-high home prices and rising inflation, which are pushing many out of the purchase market due to the increased costs of borrowing money. "little progress" Rick Sharga, EVP of Market Intelligence at ATTOM, on the fact that rising rates have yet to stifle inflation, meaning more rate hikes will likely be necessary in future Federal Reserve meetings. "an alarming rate" Brett Nyitray of The Daily Tearsheet, on news that housing starts have declined to a level not seen in 70 years.

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