Q1 2023 Research & Insights

Economy: The U.S. Economy Under Stress

  • Economic growth picked up in the second half of 2022; expected to slow down this year.
  • Labor market remains strong with unemployment rate equaling 50-year lows.
    • Prospect of a recession in 2023 rising.
  • Inflation still above the Fed target.

Housing Market: Affordability Challenged by Higher Rates – House Prices Resilient

  • Mortgage rates rose at fastest pace in 40 years, impacting affordability, purchase applications and home sales.
  • Housing supply increased, but only modestly; new listings decline due to the rate-lock in effect.
  • Home prices saw the fastest deceleration in over four decades, but the cumulative increase in the last four years remains high.

Distress Supply, Delinquencies & Foreclosures

  • Mortgage Delinquencies and Foreclosures ticking up slightly.

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