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.

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