Why hasn’t the housing market crashed yet when all of the YouTube Doom and Gloomers have been calling for a market crash all year? What will the housing market do as we head into the housing market 20201? Will there will a housing market crash with all of the foreclosure and eviction moratorium expiring? In this video, we discuss the pending home sales and existing home sales reports from the National Association of Realtors and we also look at the Home Price Index Report from CoreLogic.
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Articles Referenced in this video:
➡➡Pending Home Sales – https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales
✔Pending home sales declined slightly in October, slipping 1.1% from September. Only the South had month-over-month gains.
✔Nationally, contract signings are up 20.2% compared to a year ago.
✔All regions experienced double-digit year-over-year increases.
➡➡Existing Home Sales – https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
✔Existing-home sales grew for the fifth consecutive month in October to a seasonally-adjusted annual rate of 6.85 million – up 4.3% from the prior month and 26.6% from one year ago.
✔The median existing-home price was $313,000, almost 16% more than in October 2019. Total housing inventory declined from the prior month and one year ago to 1.42 million, enough to last 2.5 months – a record low – at the current sales pace.
✔More than 7 in 10 homes sold in October 2020 – 72% – were on the market for less than a month.
➡➡U.S. Home Price Insights – https://www.corelogic.com/insights-download/home-price-index.aspx
✔Mortgage delinquencies improved again in October, falling to 6.44%, the lowest level since March
✔Despite five consecutive months of improvement, there are still more than 3.4 million delinquent mortgages, nearly twice as many as there were entering the year
✔Serious delinquencies – loans 90 or more days past due – improved in October as well, but volumes remain at more than five times (+1.8 million) pre-pandemic levels
✔October’s 4,700 foreclosure starts marked a nearly 90% year-over-year reduction as widespread moratoriums remain in place, while active foreclosure inventory set yet another record low at 178,000
✔Record-low interest rates again pushed prepayment activity higher, with October’s prepayment rate of 3.17% setting the highest single-month mark in more than 16 years
Please let me know your thoughts below: what are your predictions for the housing market 2021 forecast and the housing market 2021 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2021 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
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Jeb Smith (huntington beach Realtor/orange county real estate)
Coldwell Banker Realty
➡I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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