Are we shaping up for a rally in the housing market?
According to the Shark Tank’s Barbara Corcoran, we might be. Even though rates have gone up in the past few weeks, we’re still off the peak that was seen in November 2022, and Corcoran saw that as a sign that mortgage rates could head back down.
When asked about where she sees the housing market headed, Corcoran stated that, “the worst is behind us.” When asked about a housing recovery and mortgage rates Corcoran stated, It’s going to have to drop two points and people are going to act like there’s a sale on. Anybody who even has a first thought of buying a house is going to rush the market.”
How much of the rental market will Wall Street control by 2030?
Wall Street has been purchasing single-family homes since the Great Recession in 2008, but how much of the market could they really control in just a few years? A recent prediction stated that institutions may control as many as 7.6 million homes by 2030. If financial institutions own that many properties, they’ll have ownership over 40% of the single-family home rental market. However, in the short term, some companies may look to move away from residential real estate.
Where did people move to in 2022?
Recent data released from the US Census Bureau showed that Americans are migrating to the Sun Belt and away from major population centers. Florida, Texas, and the Carolinas saw the largest influx of residents. California, New York, and Illinois saw the greatest decreases. This mirrored a lot of what we’ve seen in the housing market. Metro areas in the Sun Belt have recently seen an increase in demand while certain metros in California have started to cool.
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