Mark Fleming Fleming: “A growing economy and low, actually very low, unemployment should help to accelerate the growth of household income in the near future.”

SANTA ANA, CA—While rising interest rates decrease home-buying power, it’s also important to note that rising incomes can offset that decrease, First American Financial Corp.’s chief economist Mark Fleming tells GlobeSt.com. In a recent report from the frim, Fleming said that unadjusted house prices increased by 6% in November 2017 on a year-over-year basis and are 6.3% above the housing boom peak in 2007, while over the same 12-month period, household incomes have increased by only 2.8%.