2020 Outlook: Real Estate Market Forecast
We’re in the midst of the longest economic expansion in U.S. history, and economists think there’s still room to grow. A recent survey by the National Association for Business Economics found that experts believe the U.S. economy will remain positive throughout 2020.1 Still, given that recessions are a natural (and necessary) part of a business cycle, we know this period of growth will inevitably end. So you may be wondering … how will an eventual recession impact the real estate market?
Many Americans assume a recession would lead to a decline in housing prices like we saw during the Great Recession of 2008. But the real estate market crash we experienced wasn’t typical. In fact, the last recession wasn’t typical at all. It was the worst economic downturn since the Great Depression of the 1930s. ATTOM Data Solutions analyzed real estate prices during the last five recessions and found that, in the majority of cases, home prices actually went up. Only once (in 1990) did prices decline, and in 1990 it was by less than one percent.2 And lets' be clear 2008 was not a recession. It was a train wreck.
Gifts and Gadgets for Every Room in the House
Are you searching for new and innovative gift ideas this holiday season? If so, check out our list of the hottest home technology offerings. We’ve selected a few of our favorites for every room in the house. These smart systems and devices add comfort, convenience, and a “cool factor” that will delight your friends and family.
So think about who you know that loves the latest gadgets … or add a few of these to your own wish list!
Changes in Federal Housing Administration (FHA) eligibility requirements will now make many condominium units available to first time home buyers.
An FHA guaranteed mortgage is the loan of choice for many first time home buyers. Low down payment requirements, easier credit underwriting and even the availability of down payment assistance programs make FHA a popular option for first timers.
Condominiums are attractive market entry options but only 6.5% of the nation's condo units are approved for FHA lending. In an effort to provide access to affordable housing, FHA has changed their processes and now allows for review of individual condominium units with a "spot approval" review.
5 Quick Steps to Finding Your Next Home
Whether you’re a first-time buyer or a seasoned homeowner, shopping for a new home can feel daunting. In fact, 56% of buyers said that “finding the right property” was the most difficult step in the home buying process.1
Buying a home is a significant commitment of both time and money. And a home purchase has the power to improve both your current quality of life and your future financial security, so the stakes are high. Follow these five steps—and complete the corresponding worksheet offered below—to assess your priorities, streamline your search, and choose your next home with confidence.
National Snapshot: How’s the Real Estate Market?
The U.S. unemployment rate is at a 50-year low, and consumer confidence remains high. In fact, the University of Michigan’s latest Surveys of Consumers found that Americans have their most positive personal finance outlook since 2003.1
However, if you follow national news, you’ve probably heard speculation that we could be headed toward a recession. Global trade tensions and a slow down in the GDP growth rate have sparked volatility in the stock market, leading to economic uncertainty. Given these differing signals, you may be wondering: How has the U.S. housing market been impacted? Where is it headed? And more importantly … what does it mean for me?
