Rick Sharga, Executive Vice President of Marketing at RealtyTrac, talks with Jason Hartman about forbearances and foreclosures. Does one lead to the other, and how will this differ from the great recession? How has COVID-19 changed how millennials approach renting vs. buying?
Rick Sharga also distinguishes between foreclosures and opportunities. Rick also gives an excellent insight into every sector of what he thinks is to be expected in the commercial real estate market.
[1:00] Everyone is asking, “is Covid going to cause a housing crash?”
[2:00] Covid has not slowed down the housing market even a little bit.
[3:45] The pandemic accelerated millennials’ trend to stop as urban renters and move to a place of homeownership.
[10:30] The 2006 median price home was $650 more expensive than the median price home today, adjusted for interest rates and inflation.
[12:00] Rick distinguishes between foreclosures and opportunities.
[18:00] Will 3 million in forbearance programs end up in foreclosures?
[21:00] What happens when all of these loans come out of forbearance?
[26:45] Discussing California’s new law that the institutional buyer cannot buy foreclosures.
[28:45] We already see a higher number of commercial foreclosure properties popping up.
[30:00] Rick breaks down his expectations for each sector of the commercial real estate environment.
[33:30] One of the most significant shortages in housing is in the low price tiers. Here’s why.