Housing News

CoreLogic's Frank Nothaft on the housing market's vitality

December 03, 2020 HousingWire Season 4 Episode 8
Housing News
CoreLogic's Frank Nothaft on the housing market's vitality
Chapters
Housing News
CoreLogic's Frank Nothaft on the housing market's vitality
Dec 03, 2020 Season 4 Episode 8
HousingWire

This week, Frank Nothaft, the chief economist at CoreLogic, joins the Housing News Podcast to discuss how the housing market has fared in 2020.

During the interview, Nothaft discusses how the COVID-19 pandemic has impacted the housing market’s vitality as well as the economy. Notably, Nothaft also offers his market predictions for 2021.

Here is a small preview of the interview with Frank Nothaft. The transcript below has been lightly edited for length and clarity:

HW: Let’s talk about CoreLogic’s Forecast. What are you expecting for the first quarter and first half of 2021?

Frank Nothaft: We’re expecting mortgage rates to remain at record low levels, possibly well below 3%. I think that's going to be the case, not only at the start of the year but for most or all of 2021. That's going to be very important in stimulating home sales, and also refinance volume. However, I'm not expecting refinance volume in 2021 to hit the same numbers that we saw in 2020, but I think it's still going to be pretty strong. In fact, I actually expect refinance volume in 2021 to be more than it was in 2019. On the home sales market, we're actually expecting home sales to be up in 2021 compared to 2020. It will be because of new single-family construction and increases in existing home sales. Notably, over the last several months, we've had an acute shortage of existing homes for sale in the United States. Part of that acute shortage of inventory for sale is directly related to the pandemic.

The HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.

Show Notes

This week, Frank Nothaft, the chief economist at CoreLogic, joins the Housing News Podcast to discuss how the housing market has fared in 2020.

During the interview, Nothaft discusses how the COVID-19 pandemic has impacted the housing market’s vitality as well as the economy. Notably, Nothaft also offers his market predictions for 2021.

Here is a small preview of the interview with Frank Nothaft. The transcript below has been lightly edited for length and clarity:

HW: Let’s talk about CoreLogic’s Forecast. What are you expecting for the first quarter and first half of 2021?

Frank Nothaft: We’re expecting mortgage rates to remain at record low levels, possibly well below 3%. I think that's going to be the case, not only at the start of the year but for most or all of 2021. That's going to be very important in stimulating home sales, and also refinance volume. However, I'm not expecting refinance volume in 2021 to hit the same numbers that we saw in 2020, but I think it's still going to be pretty strong. In fact, I actually expect refinance volume in 2021 to be more than it was in 2019. On the home sales market, we're actually expecting home sales to be up in 2021 compared to 2020. It will be because of new single-family construction and increases in existing home sales. Notably, over the last several months, we've had an acute shortage of existing homes for sale in the United States. Part of that acute shortage of inventory for sale is directly related to the pandemic.

The HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.