Industry News

Two knowledgeable real estate veterans hosted a webinar in which they examined U.S. housing, the economy, and foreclosure trends, to name a few things. Rick Sharga, SVP at RealtyTrac, and Daren Blomquist, VP Market Economics at Auction.com Wednesday facilitated “2021 Outlook: What’s in Store for the Real Estate and Foreclosure Markets.”

A bright spot in an otherwise dreary 2020 was the residential real estate market. After briefly retrenching at the beginning of the pandemic, home sales soared. A lack of homes on the market and low mortgage rates caused prices to skyrocket. Rising prices lifted home values, creating more wealth for homeowners.

Expect the housing market in 2021 to “settle somewhere in between where we were before COVID and where we were during COVID,” says Danielle Hale, Chief Economist for Realtor.com’s recent article entitled, “How the Rollout of COVID-19 Vaccines Could Help, and Hurt, the U.S. Housing Market.”

The following are summaries of actions certain states have taken in response to the Covid-19 crisis to limit home foreclosures. The list may not be complete, as state and local governments continue to adopt new emergency measures at a fast pace.

COVID-19 recession could double Illinois’ delinquent mortgage rate in 2020. Up to 130,000 Illinois homeowners could fall behind on their mortgage payments if state lawmakers fail to provide relief. Illinois’ housing market was one of the weakest in the nation prior to 2020.