(ConservativeInsider.org) – In March of this year, COVID-19 hit hard. Nearly every aspect of American’s lives were turned upside down. The housing market was no different. Some people lost their homes as layoffs began, while others took the opportunity to purchase a home while interest rates were incredibly low. But, what will the coming year hold for this industry?
Organizations including Freddie Mac, the Mortgage Bankers Association, and CoreLogic predict the following trends for 2021:
- Home prices will continue to rise between 0.2% and 2%
- There will be a second wave of home foreclosures
- New construction will pick up around 15%
- Mortgage rates will remain low through 2021
Founder Charlie Bilello of the investment firm Compound Capital Advisors shares a graph of new home sales since 1963:
US Housing Boom continues w/ upward revision to New Home Sales for September, highest levels since Nov 2006.
— Charlie Bilello (@charliebilello) November 25, 2020
Most experts believe the upward trend of new home sales will continue to rise in 2021.
While not all industries fared well this year, the housing market remained strong and will likely be a key factor in the nation’s recovery from the coronavirus pandemic. Many Americans will still be eager to purchase homes in the coming year, bringing a refreshing start to many in 2021.
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