Geoff Green, President of Green Team Realty, welcomed everyone to the November 2020 Housing Market Update. The webinar, held on Tuesday, November 17 at 2 p.m. examined the housing market on both national and local levels.
If you missed the webinar or would like to view it again, it’s available here:
Meet the Panel:
Panelists included Keren Gonen and Barbara Tesa, of Green Team New Jersey Realty and Carol Buchanan, with Green Team New York Realty. Also joining the discussion were Ken Ford of Warwick Valley Financial Advisors, and Laura Moritz with Classic Mortgage LLC.
First, let’s talk about the economy
In January, the economy was strong, there were no signs of the housing market slowing down. It took a major global event to slow down a roaring economy.
So, what did people do with stimulus checks?
35% used it to pay down debts. 36% saved the money, and 29% spent the money. U.S. Consumer spending since January 1, 2020, is down by -3.7%. Changes in consumer spending by state is shown below:
Unemployment filings and benefits
Weekly unemployment filings have been steadily coming down. However, unemployment does remain at a high number. The number of people receiving unemployment benefits is also trending downwards.
Mortgage Forbearance, Home Inventory, Home Appreciation, and Mortgage Rates
The number of mortgages in active forbearance is decreasing dramatically. As of Oct 20, out of 2,397,000 families granted forbearance, some have extended it, However, 44% came out of the program while paying on time. In addition, 500,000 people paid off their mortgage.
Moreover, stats show the decrease in inventory over the last 12 months. According to Zillow, the top reasons for people not putting their homes on the market now are financial uncertainty, uncertainty about life in general, and COVID-19 health concerns.
Most experts are bullish on home price appreciation. However, Mortgage Bankers’ Association is predicting rising mortgage rates over the next 3 years.
Learn more. Watch the Webinar.
For updates on what is happening in commercial real estate, the crisis facing renters at the end of moratoriums, and national and local market stats, click here.to watch the webinar. You’ll also be hearing from the sales associates, and financial and mortgage experts on what they are seeing in the market.
Furthermore, you can compare this month’s stats with those in the October Housing Market Update.
Contact our Panelists
Join us for the last Housing Market Update of 2020 on Tuesday, December 15 at 2 p.m.
Sign up for updates now at GreenTeamRealty.com/HMU