The real question at hand; can this demand for existing homes be sustained in 2021 and can it help in the recovery of new home sales despite the fact that lender criteria has been tightened materially by some financial institutions. This has been caused in part due to the leniency in foreclosures and the pandemic.
My answer is probably yes. This has been good news by existing homeowners which is allowing them more time to sell their home. According to ATTOM Data Solutions, one of the most trusted curators of the nation’s premier property database and 1st property data provider of Data-as-a-Service (DaaS), is that it now takes 841 days to foreclose on a home, compared to 713 days in 2017 in part persuading financial institutions that it is not in their best interests for quick foreclosures.
US Existing Home Sales Up by Record 20.7% After Slumping for 3 Months
Bruce Willard Barren on LinkedIn • 3 min read
By Paul Ebeling on July 23, 2020