In the fourth installment of WFG’s 2023 Quarterly Economic Outlook webinars, Pat Stone and Bill Conerly discuss the current state of the economy and its potential impact on the real estate market. During the hour-long webinar, they touch on a wide range of topics, including interest rates, inflation, recession, and government debt. Pat Stone expresses optimism about the real estate market, citing positive indicators such as increased home purchase sentiment and newly constructed home sales. He also mentions the strong demand for homeownership among millennials and Gen Z. Bill Conerly predicts a mild recession in 2024 and discusses factors that may delay or mitigate its impact on the real estate sector. He also mentions the potential for declining mortgage rates in the future. Overall, they do not anticipate a significant foreclosure wave or a drop in home prices. They also discuss the potential effects of political turmoil and the upcoming elections on the housing market. They address the Federal Reserve’s focus on 2% inflation and the consequences of continued government spending and debt. They conclude by discussing the potential for a refi boom and the factors that could change their views on the market.
