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Weekly Brief – March 8
/in Weekly Brief /by Dave NykanenThis week the focus is on the prospects for the housing market in Michigan in the summer 2021 selling season.
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Now, about the 2021 selling season. We have signs from all over Michigan that this a historic seller’s market. There are reports from West Bloomfield, Metro Detroit in general, statewide, and West Michigan. The reports indicate that the seller’s market is due to a combination of low inventory, as some sellers are reluctant to sell (because they will then have to buy), and low mortgage interest rates.
To be sure, the phenomenon is not unique to Michigan. There is low inventory nationally. However, listings in Michigan are down 54 percent in January, compared to only 42 percent nationally.
What can’t be known yet is what will happen in 2022. Will the market be flooded by foreclosed homes? Will mortgage rates inch up, bringing prices down? There is no crystal ball, obviously. But for this year, it appears the seller’s market is set. Prices are going to increase, and inventory will remain constrained.
Lawyer – No Light at the End of the Pandemic Tunnel for Property Owners
/in Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisThe future of real estate continues to be in a flux. At a federal level, GSEs have continued to extend foreclosure and eviction moratoriums through June 30, 2021. The Center for Disease Control issued its own eviction moratorium in September 2020, and the Biden administration has extended it through March 31, 2021. In Michigan, the pandemic’s eviction moratoriums have expired, although the Michigan Supreme Court has recognized the CDC Order. No formal foreclosure moratoriums were ever instituted in Michigan, but social distancing requirements have halted the proceedings that are held in courthouses which have been closed to the public during the pandemic.
FHFA Extends Forbearance Plans
/in National /by Tracy WillisThe Federal Housing Finance Agency lengthened forbearance extensions for Fannie Mae and Freddie Mac borrowers, allowing coverage for up to 18 months. Eligibility is limited to borrowers who are on a Covid-19 forbearance plan as of February 28, 2021. Some borrowers may now be in forbearance through August 2022. This may impact the timing of the impact of foreclosures discussed in last week’s Weekly Brief.