Posted on 09/22/2020 10:45:02 AM PDT by Olog-hai
Sales of existing homes rose 2.4% in August to its highest level since 2006 as the housing market recovers from a widespread shutdown in the spring brought on by the coronavirus outbreak.
The National Association of Realtors said Tuesday that sales rose to a seasonally adjusted annual rate of 6 million homes sold last month. Sales are up 10.5% from a year ago and back to pre-COVID-19 levels of early 2020.
Although the pace of sales has slowed significantly after back-to-back months of more than 20% gains, it’s the third straight monthly gain after big, consecutive declines in March, April and May.
The median price for an existing single-family home reached $315,000 in August, up 11.7% from August 2019. Last month was the first time the median price for a home breached $300,000.
Despite rising prices, the lack of available homes has buyers snatching them off the market at faster every month, especially with interest rates settling at historic lows under 3%. …
(Excerpt) Read more at apnews.com ...
I think a lot of these buyers are going to be sad when the waves of foreclosures and short sales start driving down real estate prices to more realistic levels. They’re going to see the house they paid $400,000 for suddenly worth $300,000 and that 20% downpayment swallowed up as they’re left underwater.
Not as important for those who bought within their means and plan to stay long term, but I don’t think people who bought this year are going to be able to recoup their money in 5 years if they want a change.
People are hanging on to single family homes because they offer protection from viruses and rioting thugs...
Millions are hanging onto them because there’s an eviction moratorium. Delinquency rates are hitting 2010 numbers and many haven’t made a single payment in months. Some got forbearance, but what a lot of people didn’t get about that is that unless you can find one of those mythical loan modifications, the entire balance of all missed payments comes due the moment you exit the forbearance program.
We can’t shut down the economy and kill millions of businesses and tens of millions of jobs without consequences. 2021 is going to hurt no matter what happens this election. The question is what 2023/2024/2025 are going to look like, and obviously they’ll look a whole lot better with President Trump leading the recovery. Hopefully voters comprehend that.
A 'save our homes' plan needs to be put in effect...
Old mortgage payment + 10% for the first year - then +20% after that until payments are current. Anything less and bankers would be stuck with 2004 backlogs of foreclosed worthless homes.
Let's go with 'less disruptive until' ... Trump has the skill to figure it out... God willing that we can stop voter fraud.... and a commie takeover.
Houses flying off the shelves here in rural ME since the plague. I fear for my adopted state.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.