The housing market was one of the few bright spots in 2020. Which is a reminder that nothing is ever all bad. Many are looking forward to what 2021 will bring for real estate and if the trend will continue. And if we can expect the market to be flooded with foreclosures as homeowners begin to default on loans when their forbearance plan comes to an end.
As the image shows, the experts seem to agree that home prices will continue to rise in 2021 with Zillow’s forecast of 7% price increase leading the pack.
As for foreclosures, because of low inventory and high demand the experts feel the chance of the market being flooded with foreclosures is very low. If a homeowner is no longer able to pay their mortgage there is enough demand that they should be able to easily find a buyer. And as a result of rising prices, few should be upside down in their loan.