Housing market expert warns first-time homebuyers relying on 'the bank of mom and dad'

The "nepo" home buyer has shown resilience in today’s volatile market, and one housing expert is warning "anything goes" to get deals done. "I think what you really have is that the demand is incredibly high for first-time homebuyers, and the only way they can afford a home is the bank of mom and dad," National Association of Home Builders CEO Jim Tobin said on "Varney & Co." Tuesday. "That's really the story here.

Confidence among builders in the U.S. housing market plunged for the third straight month in October as a spike in mortgage rates continued to weigh on consumer demand for new homes. The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, fell five points to 40, the lowest reading since January 2023. The decline followed a five-point drop in September.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How does today's housing market look next to the 2006 housing bubble?Sixteen years after the mid-2000s housing bubble popped and sent the global economy spiraling into the Great Recession, a new Goldman Sachs analysis looks back on the historic housing crash and asks the question of today's housing market: How long can it...
Source: KSLcom - 🏆 549. / 51 Read more »

Housing market: How does today compare to 2006 housing bubble?16 years after the housing bubble popped and sent the global economy into the Great Recession, a new analysis asks of today's housing market: How long can it last?
Source: KSLcom - 🏆 549. / 51 Read more »