Windermere Real Estate Chief Economist, Matthew Gardner, was interviewed by real estate industry news leader, Inman News, on what impact recent White House turmoil could have on the U.S. housing market. This is what he had to say:
Windermere Chief Economist Matthew Gardner says that housing will be isolated from yesterday’s events, at least for now. “Financial markets hate one thing more than anything else, and that is uncertainty,” Gardner told Inman. “Yesterday’s sell-off was a clear response to the appointment of a special counsel and markets were clearly on edge.
“As far as housing goes, the downside will likely be muted, at least for the time being. Yesterday’s news headlines cast further doubt on the new administration’s ability to rapidly enact the legislation that prompted investors to make big bets on higher stocks and interest rates.
“Unsurprisingly, investors pushed stocks and interest rates lower following the news. This triggered mortgage rates to drop significantly, as part of the broad-based sell-off in equities. At least for the time being, I do not see any long-term housing related issues following the political turmoil that currently embroils Washington.”
You can find insights from other industry leaders in the full article here: http://www.inman.com/2017/05/18/white-house-uncertainty-hurt-housing-market/