The third Real Estate Market Prediction for the U.S. in 2021 from CoreLogic’s Chief Economists is that home prices will continue to go up but not as quickly as what we’ve seen recently. Hi I’m Tanja Odzak-Goppold with Keller Williams Realty… and Listen, I’m a top producing agent here in Oakland and the Greater East Bay Area and I trust Corelogic because they base their predictions on data and analytics, not the news. According to CoreLogic Home Price Index, home prices went up about 7% in 2020.. He expects a continued growth in appreciation in the first half but feels it may slow down just a bit in the second half of the year, averaging around 3.4% cumulative growth in 2021 in our national index. However, in areas or communities where the unemployment rate is lower, he feels there could be less appreciation. Areas where employment factors rely heavily on travel, hospitality, entertainment and eating out, like Las Vegas or Orlando, those areas have been hit harder so he feels we may see a bit of a decline in those areas, the homes may not appreciate as fast. It’s important to understand The CARES Act and Forbearance. Mortgage forbearance temporarily pauses mortgage payments to provide relief for individuals struggling financially due to what’s happening globally right now. This is a deferment in payments for up to 12 payments or 360 days. There are various ways to pay back those payments and continue to make payments on the home. So hopefully at the end of the term most individuals income has been restored and business as usual, however there is the possibility of more distressed sales at the end of their term, which brings up the possibility of more foreclosures.
I hope this was helpful. Search my YouTube channel for all 4 of the Real Estate predictions for 2021, I’m Tanja Odzak-Goppold, be sure to Reach out any time for anything as I’m always here to help. PUTTING PEOPLE BEFORE PROFIT