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Optimistic Future for Housing Part 4

Nov 24, 2021

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As I stated Monday, I get questions all the time of what’s going to happen in the future and what’s going on. There are reasons to be optimistic about the 2022 housing market, and I’m going to go continue those right now. As I stated on Monday there have been record sales and transaction volume in the last few years. However everybody thinks it’s going to change. You can’t count on it always being the same for sure. It’s either going to head up or it’s going to head down. But it is consistent.

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Another thing that they’re saying is that there is an inventory boost coming and this is a result of the mortgage forbearance. Half a million homeowners are facing the reality of losing their homes. However, unlike 2008, the homeowners have the option of selling their home rather than going into foreclosure. So, that’s actually really good news, so this is not going to hurt the housing market. They’re going to be able to sell at market rate. Remember, when we had the, ‘big’ 2007, 2008, and a lot of people lost their homes and the market was tanking, and it was going down, down, down basically until mid-2010 is when it stopped going down? A lot of people that were selling were upside down, meaning they owed more on the home than the value of the home. Then the market was that ‘Foreclosure’ or ‘Short Sale’ Market. The Foreclosure is where the bank owned homes, and then the Short Sales were the ones where they didn’t have the money to come to the table and were trying to sell their before it went into foreclosure. And so right now, when you’re looking at the number of foreclosures and short sales out there, they’re pretty much slim to none because the market prices are high. People do have equity and they’re able to move on.