Read Date: 11/2020, Source
- Location, location, location
- Find out where there is a limited supply of houses and great demand
- With a correction looming—some areas of the United States remain more vulnerable than others
- Take Business Insider, which cited nine states where the population dramatically increased over the past six months: North Carolina, Oregon, Arizona, Kentucky, Maine, South Carolina, Delaware, New Mexico, and Idaho.
- Meanwhile, per ATTOM Data Solutions, the six counties least at risk of suffering a significant downturn are in densely populated areas: Tarrant County (Fort Worth), Texas; Travis County (Austin), Texas; Marion County (Indianapolis), Indiana; and Denver and Arapahoe counties in Colorado.
- In addition, USA Today has also called out 30 cities on the verge of a COVID-driven housing crisis. Examples include Las Vegas; New Orleans; Bakersfield, California; Los Angeles; and Miami.
- “While it’s unlikely that we’ll see a return to the historically high levels of foreclosure activity we saw during the Great Recession, it’s a near-certainty that the number of defaults will increase once the foreclosure moratoria have been lifted and the CARES Act forbearance program expires,” said Rick Sharga, executive vice president of RealtyTrac.
- “It’s also likely that foreclosures will be concentrated in markets where there’s a dual-trigger—for example, stubbornly high unemployment rates and homeowners who are underwater on their loans.”
- If it all seems too overwhelming and confusing, return to the basic real estate principle that never fails: location, location, location.