Home Affordability Improves

The impact of Brexit on world economics is expected to be felt even in the U.S., including in the housing market.

Data suggests that Soft- to No-Brexit scenarios are little cause for concern, while a Hard Brexit or No Deal could impact employment and homebuyer confidence, which may negatively impact homebuying.

No Brexit = UK remains a part of the EU

Customs Union = Brexit with Prime Minister Theresa May’s originally-proposed deal

Soft Brexit = UK keeps close ties with EU; soft border between Ireland and Northern Ireland

Hard Brexit = UK leaves EU, Single Market, and Customs Union; hard border between Ireland and Northern Ireland

No Deal = UK reverts to trade rules governed by World Trade Organization; hard border between Ireland and Northern Ireland

Millennials Are Refinancing Already?[4]

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Sources:

[1] CoreLogic, a data and analytics company, Home Price Insights report, January 2019.

[2] Fannie Mae Economic & Strategic Research Group, February 2019 Economic Outlook.

[3] Realtor.com® “Brexit Impact on the US Economy and Housing Markets,” February 2019.

[4] Ellie Mae® Millennial Tracker, January 2019.