Laura Kusisto

speaker

689 appearances 14 recordings 1 series first heard Jul 2017 last heard Nov 2023

Laura Kusisto’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why a Housing Shortage Is a Threat to the Economy · 1 Feb 2018 podcast

We had wage growth finally starting to pick up, and we had millennials starting to mature into the age of homeownership. voice-verified

So we actually, in 2017, saw a big jump, in statistical terms, about a one percentage point jump in homeownership among millennials. voice-verified

Oh, I don't know. voice-verified

I think the consensus is because the Federal Reserve is certainly going to start raising interest rates this year. voice-verified

And there's not a kind of one-to-one correlation between that, but there's sort of a consensus that that is going to have to start rising. voice-verified

putting so upper pressure on mortgage rates. voice-verified

And of course, also the reason why the Fed is raising rates is a reflection of the economy starting to really kick into that higher gear. voice-verified

And so that usually leads mortgage rates to rise as well. voice-verified

Yeah. voice-verified

So that was a huge, huge piece of data yesterday that I don't think any of us were actually really expecting necessarily, which is that for the first time since 2004, the homeownership rate actually climbed last year. voice-verified

We had seen more than a decade of it just continually falling. voice-verified

And that's really positive news for the housing market. voice-verified

Because really until now, we'd seen price gains, but those price gains were accruing to people who already owned a home. voice-verified

We weren't really seeing growth in the pool of homeowners. voice-verified

And so this shows that despite all the headwinds, millennials are starting to finally get into the market. voice-verified

Yeah, I think one of the sort of surprises of the recovery is that that so-called shadow inventory didn't stick around nearly as quickly as we thought it would. voice-verified

Builders pulled back very, very sharply. voice-verified

And so now we have really the opposite situation where the vacancy rate for owner-occupied housing is extremely low. voice-verified

It's about 1.5%. voice-verified

And we're seeing that cause prices to rise. voice-verified

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