The Housing Market Is Out Of Control

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Now – lets discuss the real estate market, and in which this could proceed in 2021 – Add me Instagram: GPStephan

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Right now, there’s an issue that 2.5 million homeowners are still in forbearance, significance – they’re not making their payments plus they’re shielded by foreclosure…there’s too much renters who are not able to pay their rent…along with the worry is that, IF evictions and foreclosures were to all happen at once – which would cause sudden and drastic economic hardship to millions of individuals, and that – in turn – could be harmful to the full economy. 

Therefore, in an effort to provide individuals with enough runway to get back on their feet – a new proposal was issued from the consumer financial protection agency to Work on August 31, 2021….and here’s what this could entail: 

To begin with, this could only be applicable for a homeowners PRIMARY RESIDENCE – therefore, investment properties would not be eligible. 

Secondly, this could be open for anybody who attests that theyrsquo;t experienced financial hardship.

Third, this proposal would allow for financing modification which will provide homeowners the option to EXTEND their loans into forbearance by no more than 480 MONTHS…that will be 40 YEARS…without AN growth to that persons interest .

On top of that, fourth – if any part of your loan is delayed, you would not owe any excess interest, and fees could be waived.

And fifth – this MUST be made available to homeowners undergoing hardship, which – again – is defined from the homeowner.

To top it off, IF a homeowner IS going to experience a foreclosure – this could extend the filing deadline by an additional 120 days, until December 31st, 2021…therefore, homeowners could get an additional 4 weeks runway to either sell their property, or determine another plan, IF they were going to be foreclosed. 

At this time , this is a proposal which is open for public comment until May 10th – however, if this goes through – this could be another HUGE catalyst for your entire real estate market, using some fairly significant consequences for ANYONE looking to buy or sell a house right now.

In the last few weeks, the return in the 10 and 30 year treasuries are going UP to due increased concerns of inflation – and that, subsequently, has since continued to push mortgage rates higher. This means that, since mortgages become more expensive – buyers won’t even be able to purchase as much home – and because of THAT, possibly prices go down…but., which ’s not occurring.

Rates are becoming pushed BACK UP for 2 chief reasons – the first, is that housing INVENTORY keeps getting lower. We’re in the bottom level of housing stock , in background …for instance, in March of 2017…yet there have been nearly 1.3 MILLION homes active on the marketplace …today, you will find only 493,000. That implies, with less stock – buyers will be FORCED to spend more while they compete to get anything is left . 

And next, because interest rates are moving up – buyers will be RUSHING to get something while rates are still cheap. The expectation now is that – on the following couple of years – interest rates are likely going to be greater than they are today, so in the event that you would like to buy something – you might as well do that sooner than later so that you don’wont miss out.

The RISK is that – confident, if interest rates suddenly go up, and everyone makes the decision to record their home all at the same time – which could ABSOLUTELY cause prices to suddenly return. There’s no easy solution but most likely it’ll be another crazy year for housing.

For company or one time property investing/real estate agent consulting inquiries, you can reach me in [email protected]

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