December National Market Update Part 2

December National Market Update Part 2

Are we headed to the next housing market crash? Looking at the headlines, it’s easy to think that a crash is coming soon! But let’s look deeper than the headlines to see what’s
really going on in the market. I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station. Let
me help you dig deeper for clear information.

Foreclosure rates have been a hot topic recently in regards to a market crash. With moratoriums starting to lift, the foreclosure
rate is rising, as we all expected. However, rates will not be close to what we saw in 2019, which was a more normal market.

Now let’s look and mortgage rates and take a look at a piece written by CNBC that stated, “Mortgage originations will drop 33 percent in 2022 as interest rates rise according to the industry forecast.” But in order to see what they really mean by this statement, we have to look a little deeper.

This piece goes on to talk about how to Refinance rates will drop 62%, but that “Mortgage originations, for the purpose of buying a home, are forecasted to rise 9 percent, to a
record 1.73 trillion next year.”

According to the University of Michigan Consumer
Sentiment, in September of 2021, only 1 in 3 people thought it was a good time to buy a home. But with interest rates rising and appreciation rates still high, there is a whole
different story that headlines aren’t telling us. Make sure you look deeper than the headlines when you are deciding if now if the right time for you to buy or sell!

I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.

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