High mortgage rates are weighing on home values.
The nationwide housing market is cooling, and some homeowners are losing wealth as a result. That's according to a recent report by Black Knight, a data and analytics company. They say, at least on paper, volatility in the marketplace and rising interest rates have resulted in some homeowners (especially on the West Coast) losing equity. However, real estate expert Mark Johnson doesn't agree with the grim picture the report is painting.
“The most recent release of home price appreciation across the country from seven different independent projections shows it actually going up,” Johnson explained.
He says that's especially true in many cities across Texas where we still have more demand than supply. He says that's a formula for rising prices.