1) In 15 of America’s most major metropolitan areas owning a house is cheaper than renting according to realtor.com®. The January 2021 analysis compared the median monthly costs of buying a home to renting a 2-4 bedroom unit in each of the top 50 U.S. markets.
2) U.S. homeowners financially impacted by Covid-19 are now eligible for up to 18 months of mortgage forbearance. The Federal Housing Finance Agency announced its decision to extend protections for certain borrowers with Fannie and Freddie backed loans.
3) Sales of newly built, single-family homes were up 19% from one year ago in January. Builders cannot keep up with the skyrocketing demand and some are out as far as two years! Month over month, sales of new homes were up 4.2% from December 2020.
4) Existing homes sales in January were 23.7% higher than the same month last year. Demand for homeownership is showing no signs of decline. The median existing home sale price climbed to $303,900 in January, representing 107 straight months of year-over-year gains.
5) The latest Covid-19 relief legislation passed by Congress includes $350 billion in aid for state and local governments, helping to protect real estate interests in small and struggling communities. Include in the bill is $21.55 billion for rental assistance – on top of the $25 billion allocated in December!