:biggrin :biggrin :biggrin
I expect more foreclosures and a slowdown from traditional end buyers while unemployment is high. Hopefully unemployment rebounds fast.
I don’t think the coronavirus will have much affect on the foreclosure rate. At least at my county courthouse foreclosures and evictions have been frozen. Also the banks I believe have to do forebearances or loan modifications of some sort. Americans aren’t working especially with at 8 million filing for unemployment. There’s supposed to be tax credits and funding to lenders to place back payments to the back of the loan. So if anything, as long as the country is on lockdown, homeowners behind on payments as a result of the lockdown are home free. Homeowners in trouble before depending on where they were in the process might be home free until the lockdown ends and it will be back to business.
This is my opinion so don’t hold me on this.
I’m worried about foreclosures long term, not in the next few weeks though. Tough to say. If the virus comes back during the Fall, then more long term affects may appear. Anyone selling a crystal ball i can borrow? :flush
The property market got off to it’s strongest start for four years at the start of 2020. But the corona virus impact on the housing market slammed the breaks on growth. House prices experienced the biggest drop since February 2009. Housing market activity has slowed sharply as a result of the measures implemented to control the spread of the virus.
I think we will see the affects of the virus in the housing market, within the next 2 years. This will allow for investors to complete short sales or subject to homes.