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The housing market looks to be gradually approaching a recovery. A growing number of mortgage-locked homes are going up for sale, JPMorgan said. AdvertisementThe housing market looks like it's starting to thaw, thanks to a growing number of mortgage-locked sellers who are opting to put their homes on the market anyway, according to JPMorgan Asset Management. Homeowners could now be more willing to dip into the housing market, as many are realizing high mortgage rates aren't going away anytime soon, real estate economists have said. Researchers from the Federal Housing Finance Agency recently warned that the mortgage lock-in effect could linger for years to come, barring a sudden drop in mortgage rates.
Persons: , Stephanie Aliaga, Aliaga Organizations: JPMorgan, Service, Asset Management, National Association of Realtors, Homeowners, Fed, Buyers, Federal Housing Finance Agency
Several measures from Friday's jobs report show the labor market is stronger than it's been in decades. But Terrazas pointed to potential concerns in the labor market and for interest rates. "If it's the former, it's just a matter of time before gravity catches up with the labor market," Terrazas said. Overall though, the different robust labor market data suggests the US could maybe avoid a recession as has been the case so far in 2023. Despite potential risks in the job market, Pollak believes there's a possibility that the US continues to avoid a recession.
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