National Market Update #2

National Market Update #2 mp4 1

National Market update Jan. 2022. 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 am Rich Barnes with Realty Experts in West Allis, Wisconsin, 53214. And let me help you dig deeper for clear information. Foreclosure rates have been a hot topic recently in regards to a market crash. With the moratorium 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 at mortgage rates and actually take a look at a piece written by CNBC that stated, “Mortgage originations will drop 33% in 2022, as interest rates rise according to the industry forecast.” But in order to see what really was meant by this statement, we have to look a little bit deeper. This piece goes on to talk about how refinance rates will drop 62%, but that mortgage originations for the purpose of buying a home, are forecasted to go up 9% to a record 1.73 trillion next year. According to the University of Michigan Consumer Sentiment, in September of 2021, only one in three people thought it was a good time to buy a home. But with interest rates rising and appreciation rates still high, there’s a whole different story that the headlines aren’t telling us. Make sure you look deeper than the headlines when you’re deciding if now is the right time to buy or sell. I’m Rich Barnes with Realty Experts, and as always, we’re here to help. Reach out anytime if you’ve got any questions. We’d be more than happy to help. And remember, you can relyonrich.com. Thanks, and you have a great day.

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