The number of houses for sale today is significantly lower than the high buyer activity in the current housing market.
Many housing experts originally voiced concern that the mortgage forbearance program (which allows families impacted financially by COVID to delay mortgage payments to a later date) could lead to an increase in foreclosures when forbearances end.
The September Jobs Report issued by the Bureau of Labor Statistics reported that the unemployment rate dropped to 7.9%.
The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery.
Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners were immediately concerned about being able to pay their mortgages, and understandably so.