In a time when housing affordability, policy shifts, and economic uncertainty dominate industry headlines, Williston Financial Group (WFG) Chairman and Founder Patrick Stone says success will come down to focus, adaptability, and realism.
That was the message during the inaugural episode of WFG’s Industry Perspective, the newly rebranded version of WFG’s long-running Quarterly Economic Outlook webinar series. Joined by noted economist Dr. Bill Conerly and host Knowledge Coop President and Founder Ken Perry, Stone tackled the issues most critical to real estate, mortgage, and title professionals as 2026 approaches: from affordability and wire fraud to demographics and national debt.
“Control What You Can Control”
Stone, known for his clear-eyed optimism and stoic approach to leadership, urged real estate professionals to ground their decisions in present realities rather than waiting for a dramatic market rebound.
“Understand what you can control and what you don’t control,” Stone advised. “Put your time, energy, and emotion into things you control. Don’t waste them on things you can’t. You’re in the environment you’re in right now. Make it profitable today.”
That philosophy, he said, is key to surviving a market that remains steady but unspectacular. “We’ll see steady, incremental improvement in real estate over the next five years, but nothing explosive,” Stone said. “Beyond that, declining population and limited immigration could create new challenges.”
The Affordability Equation
Stone described today’s housing market as a “pure supply and demand environment,” with one defining constraint: affordability.
“There are about 95 million people between 20 and 40 years old in the U.S. — more than enough demand for homes,” he noted. “But to keep mortgage payments at 30% of take-home pay, a household needs to earn over $100,000 a year. The national median is around $83,000. Until rates come down, affordability remains a major impediment.”
Conerly added context from the economic front. “I expect the Federal Reserve to lower interest rates by about one percentage point between now and the end of 2026,” he said. “That’ll help a bit with affordability, but don’t expect another 2020–2021-style boom.”
Efficiency and Industry Unity
When it comes to improving affordability, Stone said the industry must look inward.
“The title industry should focus on efficiency, but so should everyone else,” he said. “We’ve spent billions on technology and taken only six days off the closing cycle in fifty years.”
He called for increased collaboration among lenders, Realtors®, insurers, and regulators to streamline processes and reduce costs. “I’d welcome an objective, realistic effort by government to help our industries work together more effectively. That’s what will benefit consumers most,” he said.
The Deficit Dilemma
Stone also expressed deep concern about the federal deficit — and its ripple effects on mortgage rates.
“We’re $37 trillion upside down, and there’s no serious conversation about balancing the budget,” he said. “That debt impacts how much it costs all of us to borrow. I think mortgage rates are probably a half point higher than they would be if we had the same deficit we had back when we started quantitative easing.”
Conerly agreed the long-term risk is serious, though unpredictable. “The danger of ignoring deficits is that nothing happens… until everything happens,” he warned. “It’s stable, stable, stable, and then collapse. The signs won’t appear until it’s too late.”
Technology, Fraud, and the Real Cost of Progress
Stone also addressed a topic close to home for title professionals: cyber and wire fraud. Calling it “all-consuming,” he revealed that WFG defends against roughly 80,000 hacking attempts per month.
“We do not give wire instructions in writing or online. It is done verbally, and we advise buyers and sellers that it will be this way,” he said. “Even with safeguards, people still fall victim. It’s a massive risk, and everyone in the transaction chain needs to treat it that way.”
When asked about artificial intelligence, Stone was cautiously optimistic. “AI will reduce costs and speed up transactions, but the hype around how fast that happens is overstated,” he said. “It’s about rationally and objectively identifying opportunities to employ it and automating intelligently. Just slapping AI on things isn’t going to work.”
The Long View: Confidence Amid Uncertainty
Both Stone and Conerly emphasized that while short-term turbulence is unavoidable, the fundamentals of real estate remain solid.
“The next five years are going to be about steady, moderate improvement. Nothing terribly exciting,” Stone concluded. “I still firmly believe in real estate. I own a lot of real estate. I own companies that deal in real estate, and I plan on continuing to do that.”
Conerly agreed, reminding listeners that resilience runs deep in the American economy. “Most of what’s great in America keeps going, regardless of politics or headlines,” he said.
A Platform for Perspective
The new WFG’s Industry Perspective quarterly podcast aims to do more than forecast rates or trends, it’s about helping professionals navigate uncertainty with clarity.
Host Perry summed it up best. “What makes this conversation powerful isn’t just the data, it’s the honesty. Pat and Bill don’t sugarcoat the challenges, but they show us how to move forward with perspective and purpose.”
Watch or listen to the full Q4 episode of WFG’s Industry Perspective here.
About WFG National Title Insurance Company
Currently celebrating its 15th year, WFG National Title Insurance Company (WFG), a Williston Financial Group company, is a national underwriter and leading provider of title insurance and real estate settlement services for commercial and residential transactions nationwide. Founded in 2010, WFG achieved its national footprint faster than any underwriter.
Built around the directive to “communicate, collaborate, coexist,” WFG strives to improve the real estate process through the creation and delivery of comprehensive, innovative services and technology solutions that empower and increase transaction transparency for the title agents, real estate professionals, lenders, and consumers it serves. The company enjoys a Financial Stability Rating of A’ (A prime), as assigned by Demotech, Inc. For more information, visit www.wfgtitle.com.