As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later. Housing, therefore, has thrived in an otherwise down year.
Why Foreclosures Won’t Crush the Housing Market Next Year With the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway. Regardless, many are still asking the question: will we see a wave of foreclosures as a result of the current crisis? Thankfully, research shows … Read More
Experts Weigh-In on the Remarkable Strength of the Housing Market America has faced its share of challenges in 2020. A once-in-a-lifetime pandemic, a financial crisis leaving millions still unemployed, and an upcoming presidential election that may prove to be one of the most contentious in our nation’s history all continue to test this country in … Read More
Mortgage Rates Hit Record Lows for Three Consecutive Weeks Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below): What does this … Read More
This area of the market has performed very well as I noted above. May and June were ahead of 2019 by 30% in pending home sales, and overall values appreciated by an average of 4% from 2019. Most of this gain was seen in homes under $600,000. In some cases, properties over $700,000 have seen a small drop in listing price, but those reduced prices are still in line with values from 2019. We have seen a pent-up demand drive a lot of this activity. Home buyers came out of the gates strong in May and so far the activity remains strong.
The Bureau of Labor Statistics (BLS) released their latest Employment Situation Summary last Thursday, and it again beat analysts’ expectations in a big way. The consensus was for 3,074,000 jobs to be added in June. The report revealed that 4,800,000 jobs were added. The unemployment rate fell to 11.1% from 13.3% last month. Again, excellent news as the … Read More
The pandemic has caused consumers to re-examine the components that make up the “perfect home.” Many families are no longer comfortable with the locations and layouts of their existing homes. The allure of city life (more congested) seems to be giving way to either suburban or rural life (less congested). The fascination with an open … Read More
The Shocking News in the Unemployment Report Last Friday, the U.S. Bureau of Labor Statistics released their May Employment Situation Summary. Leading up to the release, most experts predicted the unemployment rate would jump up to approximately 20% from the 14.7% rate announced last month. The experts were shocked. The Wall Street Journal put it this way: “The May U.S. jobless rate … Read More
As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come. Making our way through the month of … Read More