… It is important to sometimes take a step back and take a broad assessment of important economic trends and data. This broad picture can go a long way toward helping us understand what is happening with the real estate market and what is on the horizon. With that being said, here is an economic snapshot of data and trends that plays a role in the future of the mortgage and housing market.

Current homeowners and new homebuyers have taken advantage of low mortgage rates and are benefiting from rising home values. Real estate naysayers were expecting the housing market to crash because of a tsunami of potential foreclosures that would flood the market with a bunch of cheap houses. This foreclosure wave never materialized and recent good news about foreclosures means it won’t anytime soon

If you are one of those people who have been thinking about buying a home, but haven’t acted on it, it is time to stop delaying. Waiting any longer to buy a new home can cost you significant money in the short term and long term.

A combination of forbearance extensions, foreclosure moratoriums and increased demand for home purchases led to a housing boom instead of a market crash. Home prices increased across the United States in 2020. This has some asking whether or not we are in the midst of a real estate market bubble.

Low mortgage rates made 2020 great for homeowners in another respect. It presented the opportunity to refinance their mortgages. Where does the refinance market stand in the beginning of 2021?