In the October 21 edition of “Economic Outlook & Title Insurance in a Turbulent Era,” their live quarterly podcast, WFG National Title Insurance Company Chairman Pat Stone and Dr. Bill Conerly, an economist and Forbes contributor, answer probing questions about the current and future state of U.S. housing from a live audience.
With a national election less than two weeks away, many asked for the industry veterans to compare prospects for mortgage rates, another stimulus package, and other economic issues depending on the outcome.
Some also were concerned about the first-time buyer market and the scarcity of entry-level-priced homes.
Stone responded that, “The income inequality issue is being exacerbated by this pandemic. People were optimistic this year that homebuilders would start building tracks of first-time homes and that started to occur, but the pandemic has kind of slammed that. Owning a home right now has become of paramount importance to a lot of people, but I don’t see a first-time homebuyer market until about 2023.”