The real estate industry is unlike any other, exemplified through the market’s resilience during this pandemic while the overall economy was hit hard. However, much of real estate hinges on overall recovery, and there are several economic factors you’ll want to keep an eye on:
The Delta Variant
Concerns over COVID-19 variants, particularly the highly infectious Delta strain, have begun cropping up, especially in areas with low vaccination rates where the virus has taken hold.
Are real estate investors creating excessive competition amid the inventory shortage? According to a new report from realtor.com®, some markets are being hit hard by investor activities, while others are benefitting.
Landlords looking to evict tenants who are behind on their rent will need to give them a month to move out if their property is backed by Freddie Mac or Fannie Mae mortgages, according to new rules implemented by the Federal Housing Finance Agency (FHFA) on July 28.
– The Centers for Disease Control and Prevention (CDC) eviction moratorium expires on July 31, 2021.
– The FHFA’s 30-day requirement applies to all Fannie and Freddie multifamily properties, regardless of whether the loan is in forbearance.
Consumer applications for auto loans, new mortgages and revolving credit cards had mostly returned to pre-pandemic levels by May 2021, according to the Consumer Financial Protection Bureau (CFPB).
The CFPB says prime and near-prime consumers are driving this recovery.
– New mortgage credit inquiries experienced a smaller drop in March 2020 compared to other types of inquiries and then surged.