In this episode of the Top of Mind podcast, Mike Simonsen sits down with Mark Fleming, Chief Economist for First American Financial Corporation, to talk about the major market dynamics that will shape the real estate market in 2023. Mark discusses which economic factors may impact 2023, shares his take on inflation, mortgage rates, and the likelihood of recession, and talks about which leading indicators he’s watching for market shifts. He also provides some insights on affordability and home-buying power.

About Mark Fleming

Mark Fleming serves as the Chief Economist for First American Financial Corporation, a premier provider of title, settlement, and risk solutions for real estate transactions and the leader in the digital transformation of its industry. In this role, he leads an economics team responsible for analysis, commentary, and forecasting trends in the real estate and mortgage markets.

Mark's research expertise primarily includes real estate and urban economics, applied econometrics, and mortgage risk. As a trusted and influential voice with 20 years of experience in the mortgage and property information business, Mark is frequently quoted by national news outlets and industry trade publications, such as The Wall Street Journal, The New York Times, and HousingWire, and he is a regular guest on high-profile broadcast news channels, including CBS, CNBC, Fox Business News, and NPR.

Here’s a glimpse of what you’ll learn: 

• Which economic factors may impact 2023, and two of the leading indicators Mark Fleming’s watching
• Whether we should expect a recession in 2023
• How to analyze the inflation data (and why service sector inflation is key)
• Why rates might rise from here
• Why looking at when home prices will fall may be more important than by how much

What the First American Real Home Price Index tells us about buying power 

Why lower available inventory of homes is the new normal

What’s likely to happen with the shortage of housing in the US

Why affordability has improved so much over the decade, and how much affordability the pandemic boom “gave back”

Mark’s long-term view for residential real estate in the US

Featuring Mike Simonsen, President of Altos Research

A true data geek, Mike founded Altos Research in 2006 to bring data and insight on the U.S. housing market to those who need it most. The company now serves the largest Wall Street investment firms, banks, and tens of thousands of real estate professionals around the country. Mike's insights on the market have been featured in Forbes, New York Times, Bloomberg, Dallas Morning News, Seattle PI, and many other national media outlets.

Resources mentioned in this episode:

• Mark Fleming on LinkedIn
• Mark Fleming on Twitter
• First American Financial Corporation
• Mark Fleming | First American Financial Corporation
• First American Real House Price Index
• The REconomy Podcast
• Mike Simonsen on LinkedIn
• Altos Research

Follow us on Twitter for more data analysis and insights:

https://twitter.com/altosresearch

https://twitter.com/mikesimonsen

See you next week!