Tuesday, January 26, 2021 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Considering the number of people we’ve encountered recently who are speculating on where the real estate market will go in 2021, it probably should be designated an Olympic sport. One thing’s for sure. The financial pressures we are experiencing today are felt by not just homeowners, investors but lenders as well.
The last time this happened was 2007, when the market crashed and many homeowners were “under water” with mortgages carrying negative equities. For those predicting the market these days, now may look like another 2007, but this time, it’s different. Real estate still remains strong. Property values have gone up and seem to keep rising, and there are many fewer properties with negative equity.
Still, many Americans have lost jobs, and subsequently lost their ability to keep current on their debts: consumer debt, car loans, school loans, etc. as well as mortga ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, home investment, hudson valley home owners, the economy, health crisis, forbearance, forclosure
Tuesday, January 19, 2021 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
http://www.globalpropertysystems.com
Over the past few weeks, I have been speaking to many people who are concerned about the end of their post-Covid19 forbearance time. Those struggling to pay their mortgages due to the consequences of Covid19, be they parents who can’t work because they need to be at home with their children homeschooling, or the many whose jobs just fizzled out and don’t appear to be coming back because their employers have shut up shop - unable to pay their own bills. Now tax time is adding to the misery for those who don’t have their taxes prorated into their mortgages. The majority of the people I speak to are seeing their savings dwindle as the pandemic continues. Everyone is concerned that their flow of money has all but dried up, and wonder how long it will take the economy to get back on its feet.
The homeowners I have spoken to were all relieved the lifel. ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, hudson valley home owners, hudson valley home sellers, selling your home, pandemic, financing, mortgage, lending, forbearance, forclosure, covid 19, ppp loans
Tuesday, January 12, 2021 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
If you have any plans of selling your house in the upcoming year, there are two very compelling reasons to do it sooner rather than later:
1. Right now, Hudson Valley real estate is in a phenomenally strong seller's market.
2. This thing won’t last forever.
There. That’s your warning.
The reasons this unusual situation exists are many, and we’ve discussed them here many times. If you’re a seller, you don’t need to know the reasons. Just get your house on the market. NOW.
Lawrence Yun, Chief Economist for the National Association of Realtors wrote recently about how quickly homes are selling right now, further confirming the benefits to sellers: Yun says, “The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.” ...
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hudson valley real estate, hudson valley home, 'urb to 'burb, buying a home, home investment, housing sales inventory, first time home buyer, pandemic, vacation property, forbearance, forclosure, finding forclosurehomes
Wednesday, January 6, 2021 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
A leading economist is warning that this year’s booming housing market will soon give way to a rising tide of foreclosures that will submerge many Hudson Valley homeowners in 2021. Michael R. Strain, the John G. Searle Scholar and the director of economic policy studies at the American Enterprise Institute (AEI) wrote in Bloomberg News in December 6, 2020 that while federal forbearance policies put a temporary freeze on foreclosures—only 352 foreclosures were started in August, 2020, compared with 10,438 in February—that policy would not remain in place next year and would cause a cascade of foreclosures in 2021.
“The CARE Act, the economic recovery law passed in March included forbearance provisions that allowed borrowers with government-backed mortgages to postpone (or reduce) payments for up to 12 months if they suffered COVID-related financial hardship. When these forbear; ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, hudson valley home owners, home equity, forbearance, forclosure, stimulus package, short sale
Wednesday, November 11, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Will we be facing a wave of foreclosures in the coming months that will drive down home prices and send the real estate market into another 2009 crash? At first glance, the numbers don't look good for real estate. In August, CoreLogic reported that 6.6 percent of mortgages were in some state of delinquency — a 2.9 percent rise from the same time last year.
This paints a disturbing picture of our current economic situation amid the corona virus outbreak. Pandemic-related unemployment still hobbles the unemployment rate. Many homeowners are not bringing in the income necessary to make up missed payments. Others who may be current are also one or two payments away from disaster.
Government forbearance programs can help those in late stage keep their homes for now, the end of those programs may throw many more into foreclosure.
But the numbers deserve a second look. According to Black Knight Inc. ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, housing sales, pandemic, the economy, health crisis, the future of real estate, unemployment, forbearance, forclosure
