– no, I’m not beeping something out.
These days, it seems those symbols are all the economic recovery scenarios that are possible as the U.S. looks to recover from the pandemic that has gripped our nation in 2020.
For the housing market, that recovery could look different from the larger economy. In the Spring of of 2020, as stay-at-home orders spread across the U.S. and many businesses began to close, the housing market proved to be incredibly resilient, thriving amid record low interest rates and high consumer demand.
Experts pointed out that while the housing market created the Great Recession of 2008, this time, housing was in the unique position to pull the economy through the pandemic-induced recession.
TransUnion, the Mortgage Bankers Association, Black Knight and many other companies released data at the end of the summer showing that mortgage delinquency rates were slowing down.
After jobless claims skyrocketed to more than 30 million at the start of COVID-19, many Americans took advantage of forbearance opportunities to survive the economic hardships brought on by the pandemic and the stay-at-home orders that followed.
By the end of March, mortgages in forbearance had jumped 1,396% in just one month.
But the data at the end of the summer was encouraging, showing fewer Americans with a mortgage in forbearance and a decline in delinquencies.
Economists such as White House Economic Advisor Larry Kudlow continue to argue we will see a V-shaped recovery in the U.S. and the worst is already behind us. But some housing experts warn there is a possible foreclosure crisis on the horizon, and have doubled down in their business lines as they prepare for this rise.
ATTOM Data Solutions’ RealtyTrac, a foreclosure listings and search portal, added industry veteran Rick Sharga back into its ranks in early August in a move that foreshadows what the company sees for its future. Sharga will oversee RealtyTrac’s marketing and public relations initiatives and implement new marketing strategies to increase brand awareness.