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Nicky's Neighborhood News!

The U.S. housing market is enjoying one of the hottest seller’s markets we’ve seen in recent history, but it’s also suffering from its lowest supply. 

Pending home sales, a measure of signed contracts on existing homes, fell a wider-than-expected 10.6% in February compared with January, according to the NAR. Sales were 0.5% lower year-over-year. There were just 1.03 million homes for sale at the end of February, a 29.5% drop compared with February 2020. That is the largest annual decline ever and the lowest supply on record nationally.

Multigenerational Housing Is Gaining Momentum

  • If your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move-up into a multigenerational home that better suits your changing needs.
  • With benefits that include a combined homebuying budget and shared caregiving duties, an increasing number of households are discovering the value of a multigenerational home.
  • With such high demand for houses today, now is a great time to sell so you can upgrade to a multigenerational home that may better suit your evolving needs.

DID YOU KNOW? Robust home price growth, which averaged 5.7% nationally over the last year, drove equity of America’s homeowners with a mortgage up by more than $1.5 trillion. Added together across all homeowners in the U.S., home equity has grown more than $12 trillion since its low point during the Great Recession. (CORELOGIC)

DID YOU KNOW? From individuals with smartphones and a few thousand dollars to pensions and private-equity firms with billions, yield-chasing investors are snapping up single-family houses to rent out or flip. They are competing for houses with ordinary Americans, who are armed with the cheapest mortgage financing ever and driving up home prices.
This chart explains the low inventory in each state.
 4 Major Reasons Households in Forbearance Won’t Lose Their Homes to Foreclosure

There has been a lot of discussion as to what will happen once the 2.3 million households currently in forbearance no longer have the protection of the program. Some assume there could potentially be millions of foreclosures ready to hit the market. However, there are four reasons that won’t happen.

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