Good and BAD News for Home Buyers: Housing Market Update // Here’s the latest real estate market and mortgage update! I discuss some real estate market news that are both bad and good for home sellers and home buyers. Will this cause a housing crash 2021? What’s your housing market 2021 forecast?

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Fannie Mae found the percentage of respondents who say it is a good time to buy a home decreased from 57% to 52% for the housing market 2021. However, the percentage of respondents who say it is a good time to sell a home decreased from 59% to 50%. The percentage of respondents who say home prices will go up in the next 12 months remained the same at 41%.

To give you a mortgage update, Fannie Mae announced the 15th record low for mortgage rates in about a year. The average 30yr fixed rate mortgage dropped to 2.65%. However, home prices have been increasing at a high rate and that is causing affordability issues.

According to the Mortgage Banker’s Association, mortgage applications decreased 4.2% from two weeks earlier (mainly due to the holidays). However, mortgage applications were 3% higher than the same week one year ago.

Over the first week of the year, the number of mortgages in active forbearance plans in the U.S. fell by 92k (a decline of 3%) per Black Knight. Is this going to cause a housing bubble? The troubling news was the following though: “The average rate of improvement [in forbearance numbers] over the past 30 days has been -1% month-over-month, down from -7.5% month-over-month on average from June through November.” So, the rate of improvement has been slowing.

Per the MBA, delinquency rates for mortgages backed by commercial and multifamily properties Increased for the second month in a row in December but only by 0.3%. Will this cause a housing market crash? They noted that 94% of outstanding loan balances were current. Loans for retail (11.9% were delinquent) and lodging (22.5%) have been hit the hardest; whereas, office space (2.7%) and multi-family (1.7%) had some of the lowest delinquency rates.

Comment below: what’s your housing market 2020 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash or do you think the housing market 2020 will continue to surge?

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Jason Walter, CPA (lic #103885)
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

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