2021 is nearly upon us, and economists and experts are already hard at work putting out their housing forecasts for the year ahead. And though there are several major unknowns hanging in the balance, namely COVID-19, there are some key points that many already agree on.
Housing will continue to be a bright spot. Although shutdowns have the economy in a constant state of uncertainty, and it is not known when a COVID-19 vaccine will be available on a large scale, housing has remained strong. Home sales surged in April and housing demand is expected to continue into 2021 as interest rates remain low. Homebuying season for the year ahead? There may not be a clear season as sales are expected to surge throughout the year. And our team is ready to report on what’s ahead.
Turn to page 24 to read the latest from our own editorial team on what’s ahead for each segment of the housing industry: mortgage, secondary, title, servicing, real estate and fintech. And the forecasting doesn’t stop there. Turn to page 50 for Mortgage Bankers Association Chief Economist Mike Fratantoni’s 2021 forecast article, and to page 22 to see a take on the forbearance exit options that could emerge in the coming months.
2021 is set to be a record-breaking year on many fronts. For housing, the expectation is highfor a successful year, despite the unknowns. Forecasters say housing will continue to drive the economy in the year to come.