The Northern Virginia Association of Realtors recently held its 2016 Economic Summit where a panel discussed the state's economy and housing market ahead of Donald Trump's presidency. InsideNoVA staffer Brian Trompeter reports that the new administration will bring thousands of new appointees into the Washington D.C. area, and Northern Virginia is a place that Republican officials have favored.
Lynn Fisher, vice president of research and economics for the Mortgage Bankers Association, views the domestic economy as strong as the next administration prepares to takeover. She predicted that new home sales will rise 10% to 11% in the next year, with existing home sales increasing by 6%. Fisher also looked at the mortgage market:
Housing-loan delinquencies are down significantly, thanks to tighter lending regulations imposed after the recession – “this is the safest mortgage market we’ve probably ever had,” Fisher said – but some panelists said the new rules’ stringency might be keeping some buyers out of the market.