Huber Bongolan

Housing Markets Post-COVID: Which Ones Win? Which Lose?

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.

Published by CredibleCRE

Huber Bongolan has 9 years of experience in commercial and residential real estate finance. Mr. Bongolan has sourced $700+ million in debt and equity financing for land, construction, bridge, and permanent deals in all product types. Huber received a double bachelors, Business Economics and International Studies, from UC Irvine where he graduated Cum Laude. He then earned a double masters, MBA and MRED, with Program Distinctions, from University of Southern California. Mr. Bongolan is an Eagle Scout in the Boy Scouts of America, and holds leadership positions in both ULI (Urban Land Institute) and FIIRE (Filipinos in Institutional Real Estate). He enjoys competitive sports, mentoring youth, and teaching personal finance. Huber also enjoys writing about Real Estate trending topics and education. His blog posts can be found on https://medium.com/@huber_60971

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