Here are the latest housing market predictions and forecasts for 2021 & 2022. The global pandemic shattered the world order and the US economy suffered its biggest blow since the Great Depression in the second quarter. The housing market too briefly hit pause in spring due to uncertainty and widespread stay-home orders but 2020 was a record-breaking year in the residential real estate market.
Despite the pandemic-induced recession, house prices in all the major markets continue to rise. According to economists and market watchers, the residential real estate sector has been highly supportive of the economic recovery of the country so far. It has emerged as a pillar of support for the economy.
Although millions were laid off or furloughed it didn’t prevent house hunters from buying homes across the nation. As a result, the housing market saw the highest pace of sales growth since the height of the unprecedented housing boom in 2005. That expansion was driven by negligent lending in the subprime mortgage market and the current housing boom is driven by the intense demand and record-low mortgage rates.
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A Phoenix home with 95 bids is just one example of a housing market entering a new and unprecedented phase. Experts at Arizona State University School of Business say Phoenix is headed for a major housing shortage.
Well, well, well… what an interesting year 2013 is shaping up to be!
A tax break that has long been untouchable could soon be in for some serious scrutiny. Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped bolster the income of millions of families – and the broader housing market. But as President Obama and Congress try to hash out a deal to reduce the budget deficit, the mortgage interest deduction will likely be part of the discussion.
