The 2020 housing market will end the year as the highest performing sector of the U.S. economy. Next year’s 2021 housing market will remain strong as the economy recovers from the COVID-19 recession. The Mortgage Technology sector is growing rapidly, modernizing and digitizing what has traditionally been a fragmented and heavily regulated market. Congressional leaders negotiate a coronavirus relief bill as millions of Americans face eviction or foreclosure. Read on for the latest in appraisal industry news.
2020 housing market recap: Demographics popped the housing bubble boys
According to this HousingWire article, “the 2020 U.S. housing market will end the year as the most out-performing sector of the economy.” This is largely due to the exceptional performance of the GSEs and favorable housing demographics, argues writer Logan Mohtashami. “The take-home lesson from 2020,” he writes, “is that demographics and mortgage rates drive housing, and these two factors are at the best levels for housing in our history.” Read the full story here.
Redfin’s 2021 housing market predictions: 14.5 million Americans will move out of town, fueling 10% sales growth
“With the end of the pandemic in sight, more people will relocate than in over a decade,” Redfin foresees. In this piece, they lay out ten predictions for the housing market in 2021, including historically low mortgage rates, the highest number of relocations in 16 years, and an increase in both home sales and new homes built. Read the full Redfin article here.
The future of money: The battleground between unicorns and legacy and what’s ahead in MortgageTech
According to this article from Harbor View, “There is an accelerating pace of investments and acquisitions in the Mortgage Technology sector,” which “is modernizing and digitizing what has traditionally been a fragmented and heavily regulated market.” Read the full story to learn about the role of AMCs in driving MortgageTech transactions, as well as the digitization of the mortgage industry and how it’s leading to “new methods of appraisal and title and document management,” among other changes.
Congressional leaders add stimulus checks to $900 billion relief package as they near deal
Congress is expected to pass another COVID-19 relief bill by the end of this week. The Washington Post reports, “The package emerging is expected to include hundreds of billions of dollars in aid for ailing small businesses and jobless Americans; tens of billions of dollars in aid for other critical needs, such as vaccine distribution and schools; and a one-time check of between $600 and $700 for millions of Americans below a certain income threshold.” Read the full article here.
Such a package, if passed, would provide significant relief to the 5.8 million Americans predicted to face eviction or foreclosure by the end of January.