What’s New in South Florida and the Treasure Coast Markets
Luxury Homes and Lifestyles – November 2020
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Highlights:
- CHECK THE BLOG FOR MORE ARTICLES
- Real Estate is a Driving Force in Turning the Economy Around Post COVID and Home Prices Continue to Increase
- Freddie Mac PMMS Weekly Survey Mortgage Rates as of November 5, 2020 – Mortgage Rates Drop to 2.78% Fixed Rate, Hitting a Record Low for the Twelfth Time this Year
- Why the 2021 Forecast Doesn’t Call for a Foreclosure Crisis and Why Today’s Options Will Save Homeowners from a Foreclosure.
- South Florida Area Market Reports November for October 2020 / November Available by December 6th
- Home Buying Process page is being updated and expanded
- What House Can I Afford plus new real estate calculators added in the Mortgage Finance Center
- Here are some charts from John Hopkins University on Tracking Florida COVID -19 Cases and Deaths by Overall Totals and By Daily Totals – UPDATED DAILY
This post will be updated throughout the month, so come back and check for more info, and view other months’ posts in the What’s New in South Florida Waterfront Homes and Condos Blog category.
Real Estate Is a Driving Force in the Economy
November 9, 2020
As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. Today’s high buyer demand combined with low housing inventory means we’re seeing home prices appreciate at an above-average pace.
According to Freddie Mac:
“The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth.”
Read more on how these factors are driving a positive impact on the economy as a whole.
Mortgage Rates Decrease Again
November 5, 2020
Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity. Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.
Rates have stayed below 3% since July, increasing home buyers purchasing power and option to refinance their loan for a better rate.
Freddie Mac PMMS Weekly Survey of Mortgage Rates as of November 5, 2020:
* 30 Year Fixed Rate – 2.78% with .7 fees / points
* 15 Year Fixed Rate – 2.32% with .6 fees / points
* 5/1 ARM (Adjustable) – 2.89% with .3 fees / points
Why the 2021 Forecast Doesn’t Call for a Foreclosure Crisis
Options are in place so history doesn’t repeat the 2008 crisis. The percentage of overall forbearances has been decreasing since the height in May and June of about 8.4% down to 5.83 % in October.
Read more about why today’s options will save homeowners from foreclosure and lower any risk of a foreclosure crisis.
Tracking The COVID-19 Curve in Florida by Totals and Also Daily Totals
Here are some charts from John Hopkins University on Tracking the COVID -19 Cases and Deaths by Overall Totals and By Daily Totals. The Charts update daily about 9:00 PM
Tracking the COVID-19 CURVE in Florida by Cases and Deaths – Totals and By Day
The Home Buying Process
This page is being updated and expanded with more local information and tips on property taxes, insurance and mortgage information.
How Much House Can You Afford?
Also visit the Mortgage Finance Center; main page for Mortgage programs, Affordability Worksheets and Calculators.
Market Trends Updates for October, 2020 / November Available December 6, 2020
View the updated Market Trends and Reports for August for various cities in Palm Beach County, St Lucie and Martin Counties. These reports automatically update around the 5th of the month so check back and keep up to date!
