Realtor Survey Shows Promise: Post-Pandemic Recovery Will Continue!
Twenty-three housing and economic experts have told the National Association of Realtors® (NAR) they expect the post-pandemic economic rebound to continue, with improving job conditions and stable interest rates in 2021. NAR's chief economist Lawrence Yun revealed the results of a 2- person survey last week at NAR's second annual Real Estate Forecast Summit.
The group of experts predicted that the Gross Domestic Product (GDP) would grow by 3.5 percent in 2021 and 3.0 percent the following year and unemployment would average 6.2 percent next year, declining to 5.0 percent in 2022. Low mortgage rates will persist over the next two years, although not at today's sub-3.0 percent level. They forecast an increase to 3.0 percent and 3.25 percent in 2021 and 2022, respectively. Ninety percent of those surveyed said they expect the federal funds rate to remain at zero next year with a 0.25 percent increase in 2022. Jann Swanson Mortgage News Daily.