Real Estate Market Report for February 2023

Headlines are often written to be attention-grabbing and sensational. They are meant to draw in readers and create a sense of urgency or fear. This can be done by exaggerating facts or using dramatic language, which can be more effective at creating fear than providing clarity.

What we are seeing now in the current real estate market of February 2023 is that the market has stabilized.

The interest rates have started to tip in a downward movement. According to Fannie Mar, MBA (mortgage bankers association), and the National Association of Realtors, they are projecting rates to get down into the low to mid 5's (fives) at the end of 2023.

However, inventory is still at record lows, holding prices steady and not crashing, as this is still a supply and demand problem.

We are at a three-month supply of inventory, and a healthy real estate market is at a six-month supply.

One of the reasons we still don't see more homes going up for sale is that many people refinanced when the rates were in the 3s, so they only have a little incentive to put their homes on the market.

Once we see rates start dipping back into the 5's, it will be more attractive for someone to say, hey, ok, we have X amount of equity built up; let's decide now if we want to downsize or upsize, etc.

In terms of the doom and gloom for the people calling that the market will have tons of foreclosures, I beg to differ at this point in the market.

So I'm going to start with this stat from a recent survey from NerdWallet, which says, "67% of Americans say a housing market crash is imminent in the next three years," 67%.

So please take a look here; this is a quote from ATTOM, a trusted source that we follow. It says, "ATTOM, a leading curator of real estate data nationwide for land and property data, today released its year-end 2022 US foreclosure market report, which shows foreclosure filings, default notices, scheduled auctions, and bank repossessions were reported on 324,237 US properties in 2022."

"That's up 115% from 2021," so that's what you saw in those headlines, "but down 34% from 2019 before the pandemic shook up the market," that's what you didn't see in those headlines. "Foreclosure filings in 2022 were also down 89% from a peak of nearly 2.9 million in 2010."

So much packed in here, and you can see that a lot of the media headlines will go right to the statistic that grabs attention up 115%.

To see the whole story on this, please watch the full video on all this data to see the actual numbers and not the clickbait the media puts out for you to digest.

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thank you kcm for the date in this video