Video Transcript Below
What’s going on with the housing market on a national level?
On a national average, homes have increased in value by $57,000 year over year, in Colorado, that number is over $80,000, according to CoreLogic. What would you do with that much extra money? Tristan Colborg here from The Denver Real Estate Agent and eXp Realty in Denver. When you have that much equity you have a lot of options, but it also affects the market.
According to Black Knight, equity has helped people climb out of forbearance, and forbearance numbers have now dropped below 1 million. Also, according to Freddie Mac, Fannie Mae, MBA, and NAR, interest rates are forecast to rise steadily through 2022, reaching as high as 4%. And you can already see interest rates rising, having gone from about 3% in December to about 3.7% at the time of this video.
Maiclaire Bolton-Smith, Senior Leader, Research and Content Strategist at CoreLogic has this opinion.
“We may see a little bit of an uptick in the foreclosure rate in 2022. Just an uptick though, from an extraordinarily low level, we’re not expecting to see big increases.”
Most experts predict strong housing market activity in 2022. She goes on to say “We expect delinquency rates overall on home mortgages to actually continue to remain quiet, quite low.”
How does this affect buyers and sellers? Well, make sure you know what the market looks like so you know what to expect when deciding if now is the right time for you to buy or sell! I’m Tristan Colborg with The Denver Real Estate Agent.com. Follow us on Facebook for more helpful videos, and remember you deserve an elevated real estate experience.