The REconomy Podcast: Recent Episodes
First American
First American’s economic podcast examining the forces that influence real estate, housing and affordability, featuring First American Chief Economist Mark Fleming, Ph.D. and Deputy Chief Economist Odeta Kushi.
In this episode of the REconomy Podcast™, Deputy Chief Economist Odeta Kushi and Principal Commercial Real Estate Economist Xander Snyder examine the commercial real estate market at the midpoint of 2026. The conversation explains why price discovery appears mostly behind us, why demand from consumers and businesses is the next major test for the recovery, and what investors waiting for perfect clarity may already be missing. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi revisit their 2026 outlook and discuss where the housing market is headed in the second half of the year. The conversation unpacks why stability in a volatile year represents real progress, how nearly five million missing home sales represent demand deferred rather than demand destroyed, and what the slower-moving dynamics of jobs, incomes, demographics and supply signal about what’s ahead. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explore the often-overlooked infrastructure that makes America's $5 trillion real estate economy1 possible: private property rights and property records. The conversation explains how private property rights fuel wealth creation and economic growth, how title insurance emerged from the need to protect those rights and why property records qualify as critical economic infrastructure — all in honor of America's 250th anniversary and the enduring legacy of Kurt Pfotenhauer, First American Title's former vice chairman. Don’t miss a single REconomy episode, subscribe today.
1 The National Association of Home Builders (NAHB), using data from the U.S. Bureau of Economic Analysis (BEA), reported that housing's share of U.S. GDP was approximately 16.1% in 2024, equivalent to roughly $4.7–$5.0 trillion annually based on U.S. GDP.
In this episode of the REconomy Podcast™, Deputy Chief Economist Odeta Kushi and Principal Commercial Economist Xander Snyder examine the seemingly endless demand for data centers and explain why the story is more nuanced than the headlines suggest. The conversation breaks down why vacancy rates near record lows and surging pre-leasing activity reflect a demand base that extends well beyond AI, and highlights the real bottleneck to new data center supply. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi mark National Homeownership Month by examining whether America's enduring appetite for homeownership can overcome the most affordability-challenged era in decades. Their conversation explains what the long-run increase in the share of 25-to-34 year olds living with their parents means for homeownership demand, why the housing market is short more than four million sales since the pandemic, and why the demographic case for future housing demand remains firmly intact. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Senior Commercial Real Estate Economist Xander Snyder examine whether the commercial real estate maturity wall has reached a turning point. The conversation unpacks why both borrowers and lenders are pursuing fewer loan extensions, how investor lenders and banks differ in their approach to loan extensions, and what "resolution" really means in a CRE market where distress has diminished, but hasn't disappeared. Don’t miss a single REconomy episode, subscribe today.
In this episode of The REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi tackle a common misconception that housing has never been more unaffordable. Sharing the results from their proprietary analysis, they explain how tracking nominal house prices alone fails to capture the impact of shifts in house-buying power. Their conversation highlights how affordability has changed over generations and identifies which generation faced the steepest affordability challenges. Don’t miss a single REconomy episode, subscribe today.
In this episode of The REconomy Podcast™, Deputy Chief Economist Odeta Kushi and Senior Commercial Economist Xander Snyder unpack the seemingly conflicting signals emerging from retail property price data in early 2026. They examine why one major retail price index suggested prices were softening, even as broader price-per-square-foot measures remained more stable. While the softer repeat sales read may initially suggest weakening, the broader evidence points to a more nuanced story. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Senior Commercial Real Estate Economist Xander Snyder and Chief Economist Mark Fleming trace the full arc of industrial cap rates since the pandemic: from record lows driven by e-commerce demand, through a sharp reset as interest rates soared, to the cap rate plateau that exists today. They examine how cap rates have converged across major metros and why previously premium West Coast markets, particularly Los Angeles, have moved closer to the middle. While the national trend suggests balance, local dynamics reveal a more nuanced story shaped by both supply and demand. Don’t miss a single REconomy episode, subscribe today.
In this episode of The REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explore whether the 2026 spring home-buying season may turn on recent events and rising energy prices. They discuss the economic forces shaping housing demand, including labor market trends, mortgage rates, housing affordability and the persistent lock-in effect limiting supply. While affordability has improved modestly and inventory levels are rising, meaningful housing market recovery will likely remain gradual rather than dramatic. Don’t miss a single REconomy episode, subscribe today.
In this episode of The REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explore four key dynamics that are shaping the outlook for the broader economy and the housing market, including macro-economic landscape, labor market shifts, housing supply and even artificial intelligence and productivity. While the broader economy remains resilient, structural challenges continue to shape housing affordability and market dynamics in the year ahead. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the demographic trends shaping homeownership demand, highlight the wealth-generating power of homeownership, and explain their cautious optimism ahead of the 2026 spring home-buying season. Despite affordability challenges and the ongoing rate lock-in effect, the underlying demand for homeownership remains structurally strong. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast, Chief Economist Mark Fleming, Deputy Chief Economist Odeta Kushi, and Senior Commercial Real Estate Economist Xander Snyder unpack why an uptick in office conversions has had limited impact on the broader office market, and why that may soon change. Office-to-residential conversions remain difficult, costly, and limited in scale, while new office construction has continued to add supply. However, sharply lower office construction starts could mark a shift, making office conversions measurably influential to national office market in the years ahead. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi go back to the commercial real estate future with Senior Economist Xander Snyder, explaining how the emerging CRE cycle most closely resembles the 1990s and what that means for market participants. Drawing on a proprietary analysis of historical data, the team breaks down why cap rates are more likely to move sideways, rather than fall meaningfully, making income growth and operational execution far more important than valuation tailwinds.
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In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi dig into their 2026 outlook for the new-home market, framing how homebuilders remain well positioned in the competition for buyers with the existing-home market in the year ahead. However, that advantage may become harder to sustain as inventory and affordability in the existing-home market gradually improve. Don’t miss a single REconomy episode, subscribe today.
In this New Year’s episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi offer their “resolutions” for the 2026 housing market. From mortgage rates that may remain above 6 percent to gradual improvements in affordability, inventory, and sales activity, 2026 resolves to trend toward normalization amid a still-solid macroeconomic landscape. Don’t miss a single REconomy episode, subscribe today.
In this special holiday episode of The REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi unwrap the hidden homeownership themes threaded throughout some of the most iconic holiday movie classics. From It’s a Wonderful Life to Home Alone to The Holiday, and Christmas Vacation, homeownership is more than a backdrop, it is the emotional core of the American story. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi dig into the 2026 outlook for commercial real estate (CRE) with senior economist Xander Snyder, who identified five forces that will shape the CRE market as its nascent recovery accelerates. Stabilizing prices, rising sales activity, rebounding refinancing volumes, increasing distress resolution, and lenders pivoting from defense to offense signal that 2026 may be the year the CRE recovery truly starts to feel like one. Don’t miss a single REconomy episode, subscribe today.
In this holiday-themed episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi channel the classic Heat Miser and Snow Miser characters from The Year Without Santa Claus to debate the Federal Reserve’s upcoming December rate decision. From cooling shelter inflation and moderating wage growth to tariff-driven price pressures and a softening labor market, they break down the mixed signals shaping the Fed’s interest rate dilemma. Mark and Odeta make the case why the Fed may lean toward some Heat Miser rate-cut warmth or adopt some Snow Miser restraint heading into 2026. Don’t miss a single REconomy episode, subscribe today.
In this Thanksgiving-themed episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi carve up the 2025 housing market trends they’re thankful for. From easing mortgage rates and improving affordability to growing inventory and demographic tailwinds, they highlight ‘grateful eight’ reasons for housing market optimism. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi shine a light on the housing market’s scariest headlines, exposing the myths shrouding reality. They explain why slowing price growth, a modest uptick in delinquencies, and low sales volumes point to a market that’s steadily rebalancing, rather than crashing. Don’t miss a single REconomy episode, subscribe today.
In this episode of the REconomy Podcast™, Deputy Chief Economist Odeta Kushi and Senior Commercial Economist Xander Snyder break down whether the commercial real estate market has reached peak distress, explaining why shifts in debt maturities, delinquency rates and sales activity across asset classes may offer a glimmer of optimism.
In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi break down why Federal Reserve rate cuts don’t always translate into lower mortgage rates and how today’s complex economic environment may make the housing market less rate sensitive than many believe.
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In this episode of the REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explore the state of housing affordability through the lens of history and even the NFL. They compare affordability levels today with those from the late 1970s and early 1980s, revealing why the “cheaper” homes of the past weren’t necessarily more affordable, and highlight the results of the 2025 Affordability Bowl, which ranks first-time home buyer affordability across NFL divisions.
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In this episode of The REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi welcome back Senior Commercial Real Estate Economist Xander Snyder to discuss the shifting dynamics within the industrial real estate market. Net absorption for industrial turned negative for the first time in 15 years, a clear signal of a rebalancing market, but a closer look indicates long-term support for industrial demand.
In this episode of The REconomy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi dig into the question on every potential home buyer’s mind, “where are mortgage rates headed through the end of the year?” Their conversation highlights why rates are not the only driver of market activity and explain the “dual lock-in effect” keeping a lid on housing market activity. However, there’s reason for optimism, as a new real estate cycle may be emerging.
In this episode of The Economy Podcast™, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi wrap up The REconomy Summer School series by diving into the findings of a recently published multi-part research series on the rising costs of living with special guest and research author, Senior Economist Sam Williamson. A variety of economic, environmental, and regional factors have pushed the number of cost-burdened households to a new peak in 2023. Their conversation breaks down how rising costs have impacted different age groups, why certain markets have suffered more than others, and what’s next in Sam’s cost of living series.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi continue the REconomy Summer School series with a discussion of a possible solution to the housing affordability crisis. From easing zoning restrictions and regulatory hurdles to addressing financing challenges and quelling NIMBY opposition, the episode unpacks how reviving construction of “missing middle” housing can help improve affordability.
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In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi continue season two of The REconomy Summer School series with an in-depth look at the supply side of the housing market, explaining the long-term structural shortage in the nation’s supply of housing and the challenges limiting builders’ efforts to build more homes in the places people want to live.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi reconvene season 2 of The REconomy Summer School series with an in-depth discussion of the factors that drive the decision to buy a home – from lifestyle events like marriage, children, and career changes to economic realities like affordability, inventory, and credit constraints – and what that means for today’s housing market.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi call class back into session as they kick off season 2 of The REconomy Summer School with an in-depth look at the foundation of housing demand – household formation, who forms households and when, and what even counts as a household.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine growing concerns regarding the health of the housing market, finding that distress is rising and prices are declining in some markets, but the broader fundamentals underpinning housing remain strong.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi commemorate National Homeownership Month with a deep dive into the state of homeownership, including how it’s measured, the demographics of homeownership and what the future holds for prospective buyers.
In this episode of The REconomy Podcast™ from First American, Deputy Chief Economist Odeta Kushi and Senior Commercial Economist Xander Snyder examine the wave of retailers going out of business and how their abandoned retail space may impact retail leasing dynamics across the country.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the impact of recent market volatility and tariff uncertainty, analyzing data to determine if housing has slipped into a recession.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Senior Commercial Economist Xander Snyder discuss the impact rising insurance premiums are having within the commercial real estate market and how CRE property owners are adapting.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi analyze the economic question of the moment – will the downturn in consumer sentiment turn to sediment and usher in a recession?
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi share their thoughts on the outlook for the 2025 spring home-buying season.
In this episode of The REconomy Podcast™ from First American, Deputy Chief Economist Odeta Kushi and Senior Commercial Economist Xander Snyder discuss what the encouraging fourth-quarter sales trends mean for the outlook for commercial real estate in the year ahead.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine local housing market dynamics, explaining how changes in active inventory and new inventory impacts house prices and sales volume, and highlighting how these dynamics are playing out differently in markets across the country.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the housing impacts of the recent Los Angeles wildfires, including a preliminary estimate of how much housing supply was lost, with the help of native Angeleno and Senior Commercial Economist Xander Snyder.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the dynamics fueling the dramatic increase in homeowner’s and property insurance, and what it means for the housing market.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the latest signals from the Federal Reserve about the direction of interest rates and the potential for rate cuts in 2025.
In this episode of The REconomy Podcast™ from First American, Deputy Chief Economist Odeta Kushi and Senior Commercial Economist Xander Snyder turn their crystal ball to the commercial real estate market, breaking down the outlook for 2025 for all asset classes.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi break out their crystal ball and discuss the outlook for the 2025 housing market, including their expectations for mortgage rates, affordability, sales and house prices in the year ahead.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the Federal Reserve’s tools for providing “forward guidance” on the anticipated direction of the economy, interest rates and inflation, and share how to interpret the Fed’s signals regarding the year ahead.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the mysterious metric that moves mortgage rates – the neutral rate of interest – and what it is signaling for the housing market heading into 2025.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the history of homebuilding and the dynamics that have fueled our chronic housing supply crisis and explain the daunting challenges homebuilders face in trying to meet the demand for housing.
In this special 100th episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi gather the entire First American Economics team to address some of their most frequently asked questions about real estate, housing and affordability, recap some of their favorite predictions, and look ahead to what 2025 may bring.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Senior Commercial Economist Xander Snyder explain why there are some glimmers of light in the commercial real estate market for the first time since 2022.
In this episode of The REconomy Podcast™ from First American, the seventh and final episode in the Summer School series, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi delve into urban economics, from zoning regulations to land use patterns, examining the dynamics of monocentric and polycentric cities, while exploring the potential impact of remote work on traditional urban models.
In this episode of The REconomy Podcast™ from First American, the sixth in the “Summer School” series, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi trace the journey of mortgages, shedding light on how the U.S. stands out with its 30-year, fixed-rate mortgage, while exploring how this unique loan product shapes the accessibility and stability of the nation’s housing market.
In this episode of The REconomy Podcast™ from First American, the fifth in the “Summer School” series, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi dissect the various methodologies for measuring housing affordability and discuss why traditional measures often get it wrong.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explore capitalization rates – what they are, how they work, and why they matter – with Senior Commercial Economist Xander Snyder in the fourth episode of The REconomy Podcast Summer School series.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi continue the REconomy “Summer School” series, discussing what makes real estate “commercial” with Senior Economist Xander Snyder.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi continue the REconomy “Summer School” series, breaking down the fundamental drivers and benefits of homeownership and explaining how these dynamics are playing out in today’s housing market.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi kick of the REconomy “Summer School” series with a deep dive into the residential home-buying and closing process, explaining the steps and the key players involved – from mortgage pre-approval to contract negotiation to title, settlement and the closing.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi break down what’s happening with inflation, explaining why it has proven to be stickier than most expected, the importance shelter inflation plays in overall inflation, and how inflation may trend in the months ahead.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi go myth busting with Senior Commercial Real Estate Economist Xander Snyder, debunking three prevalent economic and real estate myths making headlines recently – stagflation risk, a pending housing market crash, and the commercial real estate doom loop.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss current trends in commercial real estate transaction levels and whether they may have bottomed with Senior Commercial Real Estate Economist Xander Snyder.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the chronic supply shortage and ongoing affordability crisis facing the U.S. housing market, and examine an overlooked potential solution to increasing the supply of affordable housing – manufactured housing.
In this episode of The REconomy Podcast™ from First American, Deputy Chief Economist Odeta Kushi discusses multifamily supply-and-demand dynamics and the outlook for apartment rents with Senior Commercial Real Estate Economist Xander Snyder.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi unveil their new Existing-Home Sales Outlook Report and break down what to expect from the existing-home market ahead of the 2024 spring home-buying season.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Senior Commercial Real Estate Economist Xander Snyder discuss the outlook for industrial properties and why industrial remains a relative bright spot in the broader commercial real estate market.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi dive into expectations for the 2024 spring home-buying season, discussing their outlook for sales, supply and price appreciation.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the outlook for apartment rents, examining how and why rents are changing and where rents may decline, with Senior Commercial Real Estate Economist Xander Snyder.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine declining recession risk, the increasing likelihood of an economic ‘soft landing,’ and the budding housing market recovery.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi break down their 2024 housing market forecast, explaining why the housing market may be poised for a rebound.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi gather the entire First American Economics team one more time to address your top questions, examining migration patterns, inflation, the rate lock-in effect, maturing office debt, recession risk and more.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi once again gather the entire First American Economics team to address your top questions, this time digging into house prices, office-to-multifamily conversions, demographic trends, inflation, and the impact of work-from-home on housing demand.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi gather the entire First American Economics team to tackle the some of the most frequently asked questions they receive on the housing market, multi-family rent dynamics, mortgage rates, demographic trends and more.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi dig into recently released Survey of Consumer Finance data with Economist Ksenia Potapov to explain why they’re thankful for homeownership and its wealth-generating benefits.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the outlook for one of the relative bright spots in the commercial real estate economy – industrial real estate – with Senior Commercial Real Estate Economist Xander Snyder.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi compare the dynamics of today’s challenging housing market with the housing market crash of the mid-to-late 2000s and the housing market of the early 1980s.
In this episode of The REconomy Podcast™ from First American, Deputy Chief Economist Odeta Kushi and Senior Commercial Real Estate Economist Xander Snyder discuss the dynamics fueling the dramatic increase in property insurance premiums and how soaring property insurance costs may impact residential and commercial real estate markets.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Economist Ksenia Potapov discuss how demographic forces can influence both home-buying demand and supply as millennials and Baby Boomers age into important phases of life that will impact the housing market.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the timeless, yet extremely timely question – to be or not to be a homeowner?
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine why mortgage rates have drifted higher by breaking down the components of the spread between the average 30-year, fixed mortgage rate and the 10-year U.S. Treasury yield, explaining how each component is contributing to rising mortgage rates.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine how mortgage loan products are structured in other countries and compare them to the prevailing mortgage loan product in the U.S. – the 30-year, fixed-rate mortgage.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi share their new housing recession model that provides a data-driven definition of a housing recession, look back at the history of housing recessions, and discuss whether or not we’re in a housing recession today.
In this episode of The REconomy Podcast™ from First American, Chief Economist Mark Fleming and Senior Commercial Real Estate Economist Xander Snyder discuss the commercial real estate market, explaining the dynamics that are fundamentally re-shaping the ‘business of space.’
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss explain the history of homeownership in the U.S., the impact of homeownership on wealth creation, and current demographic-driven trends influencing homeownership and the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the differences between the existing-home market and the new-home market, explaining why homebuilders have an advantage as they sell their homes in today’s environment.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the economic forces influencing housing affordability trends and what that means for first-time home buyers with Economist Ksenia Potapov.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss why mortgage rates are notoriously difficult to forecast and how post-pandemic dynamics are influencing the direction of mortgage rates in 2023.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss what may have happened to the economy and the housing market if the COVID-19 pandemic had never occurred.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how underutilized office space may impact the commercial real estate industry with special guest Senior Commercial Real Estate Economist Xander Snyder.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi breakdown the housing market implications from an eventful month of March, which included ongoing inflationary pressure, bank failures and a Federal Reserve rate increase.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss home price trends nationally and at the market level, examining why house prices in some markets are more resilient than others as house prices adjust to higher mortgage rates.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how to define the term ‘housing recession’ and try to determine whether or not the U.S. housing market is currently in a housing recession.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how office space utilization has shifted during and after the pandemic, and what that means for office space supply in the near future with special guest Senior Commercial Real Estate Economist Xander Snyder.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the origin of the Federal Reserve’s 2% inflation rate target and explain how the Fed influences the economy to achieve its dual mandate of maximum employment and price stability.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why new homes are making up a growing share of the overall supply of available homes for sale in the U.S. and what that means for the housing market in 2023.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine house price trends, mortgage rate fluctuations and housing supply levels for insight into what it may take for the housing market to adjust to a more balanced and a more affordable level.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the connection between lemons and the economic theory behind insurance.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi share their outlook for 2023, outlining three potential scenarios for the housing market in the year ahead.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi share examine three trends they are thankful for in the broader economy and housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi break down the Federal Reserve’s efforts to rein in inflation by raising the federal funds rate and tightening monetary policy and whether or not the Fed’s rate increases have peaked.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the economic forces driving rent growth, why rent growth is likely decelerating, and the implications for the real estate investors and the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi delve into three spooky facts about the housing market and explain whether they are more trick or treat.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain how working from home contributed to the pandemic-era real estate boom and why the prevalence of remote work may still sway residential and commercial real estate demand.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain how working from home contributed to the pandemic-era real estate boom and why the prevalence of remote work may still sway residential and commercial real estate demand.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the connection between educational attainment and homeownership, and how student loan debt forgiveness may impact the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the connection between educational attainment and homeownership, and how student loan debt forgiveness may impact the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the housing market is adjusting to a not-so-new normal pace of price appreciation – the Great Moderation.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the housing market is adjusting to a not-so-new normal pace of price appreciation – the Great Moderation.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how housing affordability has shifted since the early spring and what that means for potential first-time home buyers.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how housing affordability has shifted since the early spring and what that means for potential first-time home buyers.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how recessions are measured, the broader economic outlook, and implications for the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how recessions are measured, the broader economic outlook, and implications for the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the components driving the Consumer Price Index and the Federal Reserve’s efforts to bring inflation under control.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the components driving the Consumer Price Index and the Federal Reserve’s efforts to bring inflation under control.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss which key housing market metrics are leading indicators and share their analysis of what each leading indicator is signaling about the direction of the market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss which key housing market metrics are leading indicators and share their analysis of what each leading indicator is signaling about the direction of the market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how rising interest rates may impact commercial real estate cap rates using their proprietary Potential Cap Rate Model.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how rising interest rates may impact commercial real estate cap rates using their proprietary Potential Cap Rate Model.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi walk through several measures of housing supply and what those housing supply measures tell us about the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi walk through several measures of housing supply and what those housing supply measures tell us about the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the recent increase in adjustable-rate mortgages (ARMs) does not necessarily signal an impending housing bust.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the recent increase in adjustable-rate mortgages (ARMs) does not necessarily signal an impending housing bust.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the neutral rate of interest is an important metric in Federal Reserve’s fight against inflation and what it means for the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the neutral rate of interest is an important metric in Federal Reserve’s fight against inflation and what it means for the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how recency bias is fueling some angst over trends in housing market data and explain why today’s housing market looks a lot like the 2019 housing market, which was the strongest housing market in a decade at the time.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how recency bias is fueling some angst over trends in housing market data and explain why today’s housing market looks a lot like the 2019 housing market, which was the strongest housing market in a decade at the time.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the health of the housing market and address the question, "Housing bubble or no housing bubble?”
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the extremely rare phenomenon of real, negative mortgage rates – when the average 30-year, fixed mortgage rate is less than the rate of inflation – and explain what it means for the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the housing market’s fundamentals as the 2022 spring home-buying season kicks off.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why single women are increasingly dispelling the traditional notion that buying a home follows love and marriage and prioritizing homeownership.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why homeowners are protected from shelter cost inflation, but potential home buyers are not, and how rising mortgage rates is likely to further reduce the historically low supply of homes for sale.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain how the Federal Reserve and tighter monetary policy may impact the housing market in 2022.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why affordability should be viewed from the lens of the potential first-time home buyer and reveal the most affordable cities for first-time home buyers.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the challenge facing the Federal Reserve in 2022 – how to tackle inflation while protecting the economic recovery – and what that means for the housing market.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the economic forces that will shape the housing market in 2022.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how the fear of missing out (FOMO) and the fear of better options (FOBO) may impact housing demand.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi field questions that are top of mind among REconomy listeners – what to expect from rising mortgage rates, the ongoing housing supply shortage, ballooning student loan debt and the future of office space.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the digital future of mortgage lending and real estate settlement, and the innovative technologies that are making an end-to-end digital home-buying experience a reality with Eddie Oddo, vice president of corporate business solutions at First American.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine rising inflation in today’s economy and what it may mean for mortgage rates.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how the Federal Reserve signals potential policy changes on interest rates and the tapering of its Treasury and mortgage-backed securities purchases.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi share their expert perspective on the three most important housing market statistics to follow.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why important labor market trends may influence the Federal Reserve’s decision to reverse its easy-money policies.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why falling mortgage rates and rising income levels mean today’s soaring house prices are still significantly more affordable than they were at the peak of the housing boom in 2006.
In this episode of the REconomy Podcast™ from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain what causes mortgage rates to move up or down, and offers a mortgage rate forecast for the end of 2021.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the question all potential first-time home buyers must answer, whether to rent or to buy, and explain how it’s possible for a home to pay you to live in it.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the supply and demand dynamic in the housing market to explain why home sales are declining.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the end of the foreclosure moratorium later this month is unlikely to trigger a tsunami of foreclosures.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the economic concept of demand elasticity and why housing market demand tends to be inelastic in response to rising mortgage rates.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the dynamics influencing the second coming of suburbia and the implications for the broader real estate economy.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how inflation in owner-occupied housing is measured and why an argument can be made that the long-run trend in housing cost has been deflation, not inflation.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi unpack the ‘wealth effect’ economic theory and explain why, despite soaring house prices, the wealth effect’s influence on the housing market may be limited.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why today’s housing market is unlike the housing market that preceded the Great Recession and why we’re unlikely to see a housing market crash anytime soon.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain how the vast majority of potential home buyers reach the decision to become a buy a home and what that means for the housing market and homeownership rate moving forward.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the key to measuring housing affordability is to determine whether a renter can afford to purchase a home, or more precisely how many homes they can afford to buy, if any.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the housing market’s supply shortage ahead of the spring home-buying season and explain how the annual pace of home sales can be rising when there are so few homes for sale.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how technology and innovation played a role in the recent GameStop stock market frenzy and what that phenomenon has in common with innovation in mortgage finance and the housing market.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the headwinds home builders face as they try to ramp up new home construction amid today’s strong demand for housing and an historic housing supply shortage.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss whether or not mortgage rates will rise in 2021 and provide historical perspective on how the housing market responded during previous rising mortgage rate eras.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how long-term shifts in the U.S. labor market have been accelerated by the pandemic, and what that may mean for housing in the months and years ahead.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain what has fueled the impressive housing market rebound from the pandemic-driven slowdown in the spring of 2020 and why the housing market remains on solid footing heading into 2021.
In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi break down housing affordability trends, discuss the economic forces that influence house-buying power and explain why housing is actually more affordable today, even amid the pandemic, than it was at the peak of the housing bubble.
Welcome to the inaugural episode of the REconomy podcast from First American. In this episode, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss the economic forces influencing housing supply, affordability, the impact of historically low interest rates, and how the COVID-19 pandemic is shaping demand for housing.