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When Will HOUSE PRICES Drop? [ BRAND NEW DATA ] Housing Crash by Spring 2021 ? - YouTube
Channel: Eli Magids Luxury Homes Charlotte NC Fathom
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are you wondering when home prices are
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going to drop
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do you want to know when the housing
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market is going to crash
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if so stay tuned
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[Music]
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my name is eli maggots and i'm a real
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estate advisor here in charlotte north
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carolina and the surrounding areas
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specializing in luxury homes and new
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home construction
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but more importantly i'm your realtor
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with heart
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i'm not trying to sell you a house i'm
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here to try and help you find a home
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and a lifestyle that you and your family
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are gonna love
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my gift is people my profession is
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finding you a home
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put the two together and we can create
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the next best part
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of your life it is so important to find
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somebody who you like
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and somebody who you trust if you think
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that we are a good fit i would love to
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hear from you and i'd love to help
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my contact information is down below i
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put out videos
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every single week talking about the best
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of charlotte the surrounding areas
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and in this video in particular
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everything that's going on in the united
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states
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i wouldn't want you to miss any of my
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videos so go ahead down to the button
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below the red button subscribe
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[Music]
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hit the button hit the bell and you'll
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be notified when my new videos are out
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every single week and i'd love for you
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to stay tuned to the very end of this
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video
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where i'm going to give you a free
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online guide that's going to tell you
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everything about
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charlotte its surrounding areas the
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schools things to do
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but you have to stay tuned to the very
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end so the case-shiller index
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is a widely followed index that tells
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you kind of what's going on in each
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individual city how each city is doing
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there are 20 major cities that make up
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the index
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of which are in new york los angeles
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chicago
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southern florida and charlotte is in
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there as well
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the case-shiller index is owned by a
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company called
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core logic corelogic also owns
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or has its hands in a lot of mls's
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around the country
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just last month core logic
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predicted that housing prices were going
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to decline
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about six percent by may of 2021
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now core logic uses in its information
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foreclosures or projected foreclosures
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as well as regular housing not only did
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they predict that
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in general the united states would go
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down six percent by next
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may but they also predicted that las
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vegas
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would drop by at least 20 percent
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home prices would drop by 20 in las
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vegas
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that's core logic kay schiller said by
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next
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may may 2021 that prices should drop
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by one percent and that does not include
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potential foreclosures
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just one month later core logic has
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already
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changed up their minds and has said that
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based on what they are seeing
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now the unemployment rate has not
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increased and has actually
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decreased and that there's such a lack
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of inventory in the united states and
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that
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interest rates are so low and will
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remain so for the foreseeable future
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that core logic now says there will not
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be a drop
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in home prices by next may that
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was a quick turnaround so let's talk
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about forbearances and foreclosures so
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forbearances
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what it is is allowing homeowners to
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postpone
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their mortgage payments until they get
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their footing back underneath them
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and then they can catch up and pay for
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their mortgage payments that they have
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missed a lot of experts predicted that
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the united states would go into about a
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30 mortgage forbearance rate
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which would lead to an onslaught of
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foreclosures
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hampering the housing market in
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actuality the 30 percent never
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happened the highest that
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the forbearance rate was was at 8.6
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percent
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and it is going down monthly
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we are now at about 7.3 percent
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and still continue to go down
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homeowners are catching up on their
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mortgage payments
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and people who are running into trouble
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are able to sell their house
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or refinance so that they can make sure
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that they don't lose their homes
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a lot of people have a lot of equity in
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their homes
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and they're not going to walk away there
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are all kinds of programs out there to
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help people
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people just have to know the government
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is here
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to help and make sure that these people
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do not lose their homes
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and that's an awesome thing for the
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housing market
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it's good news so do we see a crash
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do we see a bus like 2006-2009
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well frankly no we don't things are much
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different now than they were in 2006 to
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2009
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right now we have very little inventory
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in the united states
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back in 2006 through 2009 the whole
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situation was completely different
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lending standards were lacks people were
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getting no money down
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financing jumbo loans money was running
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all over the place and was very easy to
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get a loan
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standards have changed considerably the
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upper income bracket
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seems to be more stable in terms of jobs
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and those people are taking advantage of
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the very
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low interest rates those people in the
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service sector seem to be
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impacted more greatly than other people
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during this recession
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unfortunately and those people tend to
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be
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your renters not a hundred percent
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obviously
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but a larger proportion of those people
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tend to be the renters which obviously
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does not affect the housing market
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so as of today the end of august
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2020 what is going on
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well let me tell you sales of existing
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homes
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from june to july
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of 2020 spiked 24.7
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according to the national association of
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realtors
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and those are closed homes those
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contracts were signed
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in may and june so we
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have that spike that's the strongest
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monthly gain in
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history going back to when they started
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following statistics like this
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back to 1968. the increase in sales
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came as supplies fell prices were
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rising and interest rates remained
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low the supply of existing homes
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plummeted by 21
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there is only about a three-month supply
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of homes
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in the united states in charlotte we are
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down
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50 and we have about a 1.3 month
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supply of homes that is it
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nationwide it's the lowest supply of
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homes that we've had in the month of
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july
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since they started following these
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things in 1982.
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it is the lowest amount of inventory
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this nation has seen low interest rates
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are adding fuel
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to the home price fire because
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people have much more buying power
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with low interest rates which are
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hovering around
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three percent so that's pre-existing
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homes let's talk about new homes now
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let's look at the national association
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of home builders index
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it has been around for 35 years
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in august it reached its highest level
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ever in the 35 year history
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of the new home builder sentiment index
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its highest level ever august 2020
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new home builders are benefiting
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because of buyer demand and lack
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of existing homes to purchase
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and i can tell you from here in
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charlotte that
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new home builders are booming we can't
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even get
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locks to build homes they have no lots
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left they have to start developing other
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parts of neighborhoods
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it isn't saying what is going on here in
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the charlotte market with new home
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builders
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and as far as buying homes that are on
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the market pre-existing sales
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homes that are not new
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very hard to find a home to buy home
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builders
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are benefiting because of the severe
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shortage
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of existing homes it's simple math
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high demand low inventory
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prices are rising we have historically
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low interest rates for the foreseeable
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future if you have income stability
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if you feel confident in your job
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now is not a bad time to purchase
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a home now no one has a crystal ball no
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one knows what's going to happen
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in the future if i had told you eight
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months ago
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that 175 000 americans were dead
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because of a virus and we'd be walking
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around with masks
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and that kids would be going to school
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over the internet
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on zoom you would have said eli you're
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absolutely crazy
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but that's what's happened no one knows
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what's going to happen with the housing
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market but based on all the information
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that we have
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prices are not going anywhere
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crashes are not looking like they're
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gonna happen
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but of course anything can happen i'm
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gonna link
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all of my references down below so that
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you can take a look and read those
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articles if you want
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but as of now the housing market
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seems to be a very strong point in
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our economy which is a great thing
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for all of us it is so important to find
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somebody who you like
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and who you trust if you're looking for
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a luxury home
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or you're looking for a new home here in
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the charlotte metropolitan area
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from fort mill up to mooresville
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i would love to help if you think that
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we are a good fit i would love to hear
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from you
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my contact information is down below
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don't forget i'm putting out videos once
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twice a week who knows what's going on
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with me
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but i'd love for you to subscribe it
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gives me incentive to continue putting
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out these videos so go ahead
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subscribe hit the red button hit the
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bell
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and you'll be notified when my new
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videos are out every single week
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and for that free home guide that free
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online guide that i told you about go
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down to the link below
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schools communities things to do in
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charlotte it's yours free go down to the
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link below
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click on that link and you'll get that
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guide for free
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in a couple of seconds some of my other
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videos are going to be popping up go
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ahead check those out
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it tells you a lot of information about
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charlotte i have a lot of videos on
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youtube
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most of all i thank you for watching i
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hope this video was helpful for you
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around the country
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and for those of you who are looking to
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come to charlotte
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welcome to charlotte it's a great place
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to live
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and until we see each other again next
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time
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