Redfin’s Daryl Fairweather on whether or not there will be a foreclosure crisis
Today’s HousingWire Daily features an exclusive rerun interview with Redfin’s Daryl Fairweather. In this episode, Fairweather explains why she believes the U.S. housing market is likely to withstand a wave of foreclosures once mortgage forbearance comes to an end.
Here is a small preview of today’s interview, lightly edited for length and clarity:
HousingWire: We don’t have to explain to our listeners the damage the COVID-19 pandemic has caused Americans financially, but in your own words, what are some of the impacts you’ve noticed?
Daryl Fairweather: The pandemic has influenced the housing market in an unexpected way. When the pandemic first hit, we were really bracing ourselves for the housing market to be impacted. Historically, when there’s a recession, it does impact the housing market, with the exception of 2001 when we were in a housing bubble. However, going into the pandemic, the housing market was fundamentally strong as there was more demand than there was supply. Notably, the pandemic also changed people’s relationship to the home and, thanks to the Fed’s intervention, low mortgage rates really strengthened the housing market more than we expected. So, we saw this really sharp V as people paused home buying and selling temporarily, but it came back in full force as they began to look for bigger homes and more affordable places with more space.
HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.