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Home Prices Projected to Appreciate

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The recent rebound of home sales suggests the pandemic did not derail home buyers. Home price appreciation continues at a solid pace, reflecting fundamental strength in demand and the limited amount of available listing inventories. As we move forward, home prices should level out with a moderate level of growth. If you were expecting values to drop as they did in the previous recession, that probably won’t happen. Of the last six recessions, home values declined in only two of them. This time housing will be part of the solution. Housing is positioned to be one of the driving forces of the economy. Will we see a wave of foreclosures as a result of the current crisis? While that is still possible, the number of mortgages in active forbearance has been leveling off and homeowners have much higher amounts of equity to work with, especially if values hold as expected.

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