While economic turmoil is certainly taking place across the US, the housing market appears to be booming. People searching for homes are struggling with high prices, limited inventory and tough competition across the board. Many buyers have taken advantage of record low interest rates and in turn have rewarded those buyers that took a chance on listing their homes during such an uncertain time.
“Some analysts question if the housing market can maintain its momentum, given the expiration of enhanced federal unemployment benefits this month, a pullback in forbearance programs that forestall foreclosures, and a resurgence in COVID-19 infection rates that is forcing more business closures.
CoreLogic, which lists metro Denver among its overvalued markets, is predicting a 9% decline in home prices here a year out. Its reports also note that U.S. mortgage delinquencies, after 27 straight months of declines, spiked in April to their highest level since January 2016.”
To read more predictions about the Denver market find The Denver Post article here.