Despite being pushed back many times, the Foreclosure & Eviction Moratorium is officially set to end July 31st. I don’t think we will see a lot of foreclosures hitting the market because:
– The vast majority of homeowners with delinquent mortgages (95+%) have equity in their homes and could sell.
– There are many programs now in place for government backed loans, borrowers will have options to lower their monthly principle and interest payment by 25% (again, it’s a cashflow issue not an equity issue. There is also a huge demand for labor now nationally, and even more so in Atlanta).
– Hedge funds (like Blackstone) are bullishly still buying as many properties as they can. My take on it is, if the world’s smartest real estate experts are still buying rental properties that may not even cash flow – it is probably a good idea to secure owning your own primary residence.
– Borrowing money is still at record lows.
It’s extremely important in building wealth for the average Atlantan to own their home now more than ever, though we’re seeing a slight correction in inventory and prices, the demand of homes much outweighs the supply.
(All opinions expressed are strictly my own and not financial advice)