Homeowners shouldn’t worry about real estate market turbulence
At least according to the experts, homeowners should ride out this real estate market turbulence quite well, especially those who refinanced into a lower mortgage rate and were able to get more affordable monthly payments.
They’re also sitting on a whole you-know-what load of equity right now – equity that isn’t likely to dissipate during the forecasted recession.
During the five recessions prior to the Great Recession, home prices actually increased.
Overall, the housing market is so strong right now that it is likely to weather a little real estate market turbulence, according to Mark Fleming, chief economist for First American Financial Corporation (parent to First American Title).
He thinks, in fact, that “the housing sector should be one of the leading sources to come out of the recession,” according to an interview at usnews.com.