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Next recession will have limited impact on housing

Next recession will have limited impact on housing

Next recession will have limited impact on housing
Americans waiting for a major drop in home prices before a home purchase may have to wait for quite a while. According to a new report from First American Financial Services, a title insurance company, unlike the Great Recession more than a decade ago, any future economic trouble will have a much more mild impact on the housing market.

“While the housing crisis is still fresh on the mind of many, and was the catalyst of the Great Recession, the U.S. housing market has weathered all other recession since 1980,” stated Odeta Kushi, deputy chief economist at First American. “In fact, the housing market may actually aid the economy in recovering from the next recession – a role it has traditionally played in previous economic recoveries.”

Historically, even during times of economic contraction, home price appreciation continued at steady pace and existing home sales growth only sees modest declines temporarily.

Meanwhile, no-point conforming 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.