The Federal Housing and Finance Agency (FHFA) – the agency that runs Fannie Mae and Freddie Mac – conducts a monthly survey of Americans regarding their feelings about the Housing Market. The June 2021 survey resulted in a record 64% of Americans thinking it’s a BAD time to a buy a home. That’s 2x more than the 32% who thought it was a GOOD time to buy. This means that US buyer sentiment has NEVER been this negative in the history of the FHFA NHS Survey.
At the same time, a record 77% of Americans now think it’s a GOOD time to SELL a home. This is a big rebound from the depressed levels of seller confidence during the pandemic, when homeowners were scared to list their home for sale. The result of a buyers on boycott and seller’s looking to sell is 1) a big decline in mortgage purchase applications and 2) a recent surge in inventory.
The decline in mortgage purchase apps, data reported from the Mortgage Banker’s Association, confirms the buyer’s strike. Meanwhile, the increase in new listings reflects the stronger seller confidence. And it’s likely the inventory surge is just beginning. Home buyers and real estate investors who are looking to make a more educated decision about when and where to buy should arm themselves with data.
Housing Market Crash: Inventory Deluge (April 2021) https://www.youtube.com/watch?v=VZfFM3Hcnz4&feature=youtu.be
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0:00 Homebuyer BOYCOTT?
1:30 64% Say: BAD time to BUY
2:55 Americans Bearish on the Housing Market
4:24 Seller Confidence: ALL-TIME HIGH
5:56 Bad Buy v. Good Sell = Housing Crash?
7:38 New Listing Shortfall….then Surge!
10:04 Inventory Deluge = Inevitable?
11:36 Will Demand Catch Up to Deluge?
13:16 Plummeting: Mortgage Purchase Apps
14:27 Summary: Housing Crash is Here?
#HousingMarket #HousingCrash #HousingBoycott