Last week, a federal judge ruled that the CDC exceeded its authority and therefore, cannot impose a moratorium on foreclosures. The Justice Department has vowed to appeal the ruling. So – what does this mean for the current tight inventory supply? Nothing much – This will take many months to wind through the courts and as of now, the foreclosure moratorium is set to end on June 30th, 2021. There are rumblings that the Biden administration could extend the moratorium even longer. This also applies to renters.
No one wants to see good people evicted from their homes or apartments but it’s pretty obvious to anyone working in real estate that without foreclosures, the market not only becomes very tight, it also raises home prices. This is not just a Florida conundrum; this is country-wide. People are jumping on new listings – many getting offers same-day, sight unseen! This hot seller’s market will continue – for how long, who knows? That being said, it’s critical to work with a REALTOR® in this intrepid market. Buckle up – we’re in unchartered territory.