Greycoat Real Estate: 2024 And 2025 Housing Market Forecasts Released
Greycoat Real Estate reveals the mortgage market will continue to have its challenges in 2024. The agency explains that 2023 was hard on prospective and existing mortgage borrowers.
There´s more on this. 2023 saw mortgages become out of reach for many people due to higher mortgage rates and household costs. The same reasons stopped people from selling their homes or upgrading to newer ones, according to Greycoat.
It is going to take some time to rebound from the past problems. Greycoat explains the challenges will still be present in 2024. However, the challenges in real estate will not be as extreme. In 2024, mortgages will once again become more affordable.
As the economy begins to recover, the expectation for 2025 is looking better. Another problem that 2023 saw and will carry into 2024 is those who fell behind on their mortgage payment. Greycoat says that the high cost of living has put many families in a bind, resulting in them falling behind in their payments.
If there is a bright side, states Greycoat, the number of people behind on payments is less than what it was back in early 2000. Even though it is projected interest rates will not rise much, the number of people behind on payments will continue to increase slightly. Greycoat believes the amount of mortgage possessions will not grow and will continue to decrease in 2025.