Doug Duncan of Fannie Mae predicts how housing market perform in 2023, and reveals why he believes prices will fall this year.
The housing market was a wild rollercoaster ride that ended with a big fat splat last year, with mortgage rates doubling and demand plummeting.The housing market was a wild rollercoaster ride that ended with a big fat splat last year, with mortgage rates doubling and demand plummeting.
MarketWatch spoke with Doug Duncan, senior vice president and chief economist at Fannie Mae FNMA , in a video interview. Duncan: The housing sector has a very well established relationship with monetary policy. It’s one of the most interest-rate sensitive sectors, if not the most interest rates in the sector.
Duncan: It’s gonna come from home builders, until boomers age to a level where they’re forced to give up their home. MarketWatch: Are you concerned about this resistance to people returning to work, and the impact on commercial real estate? — Doug Duncan, on the outlook for commercial real estate Duncan: Businesses are going to evaluate remote work, and they’re going to say, we’re letting workers work remote so that reduces their commuting costs, which is actually a real income gain for them. Because they don’t have to pay for the wear and tear of the car or the subway.
MarketWatch: You changed your forecast for housing. Now you expect home prices to fall 6.7% in the next two years, which is more than you previously estimated. What was the reason for that?
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