JOPLIN, MO – Across the country, the four states included, there are a lot more people looking to buy a house than there are houses for them to chose.
But that could chance in a matter of weeks.
Drive around any four state neighborhood and you’ll notice a lot fewer homes for sale than normal.
The pandemic has had a lot to do with that.
It’s lead to a shortage in many of the products that go into building homes.
And it’s lead to a moratorium on the sale of homes that were in the foreclosure process.
“It takes houses off the market that normally would be on the market to people that normally not have the means to buy the houses that are currently on the market, you know you can still buy a new house, you can’t currently buy something that’s repoed and flipped from an investor.” Says Richard Calvert III, Realtor, Keller Williams.
Now this isn’t the first time there’s been a moratorium on the sale of repo houses but Richard Calvert says it’s definitely the longest lasting in recent years.
He says the one put in place after the 2008 housing market crash didn’t last as long.
“The expiration is supposed to be the end of June, it has been extended twice already I believe, but there’s no indication currently of another extension, uh at that stage we’re looking at the possibility of millions of foreclosures across the country.” Says Calvert.
Which is great news for home buyers.
“Yeah, I mean it’s going to put assets back in a market that is asset starved.” Says Calvert.
But not so much for people who got behind on home payments because they lose jobs because of the pandemic, which was the reason the moratorium was enacted in the first place.