Posted To: MND NewsWire

While COVID-19 has wreaked havoc on most of the economy last year, Wells Fargo’s Securities Economic Group says many of the responses to the pandemic – lockdowns, remote schooling, and remote work – served to “flip the script” on housing, increasing demand for some types of properties and locations. At the same time, massive job losses have caused a spike in the delinquent mortgage and rent payments, although forbearance and moratoriums have held foreclosures and evictions to a minimum. A new report from the economists puts forward and answers five questions about the direction of housing over the next year. What is the risk that the red-hot housing market will turn into a bubble? Concerns about a bubble stem mainly from surging home prices; the median price of an existing single-family home…(read more)

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Source: Mortgage News Daily