THE SUPREME COURT VETOED STUDENT LOAN FORGIVENESS

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Hi everybody, Joe Hillner with Your Home Sold Guaranteed Realty, where we guarantee the sale of your home or I'll buy it!

I share market data weekly to keep you informed about the local real estate market.

Here is this week’s Boca Market Watch.

Single Family Homes

This past week, 58 new listings, that's not too bad, and ranging in price from $495K to $19.9M! 13 homes back on the market, while 46 homes listed took a price decrease, and 2 sellers raised their asking price. And a good week week, with 50 different properties under contract, and 23 going pending. 17 homes were unsuccessful in selling and were taken off the market or the listing expired outright. And a similar week to last week with 49 homes sold, ranging from $389K to $15M!

Condos and Townhomes

75 new listings, that's decent, and ranging from $135 Grand to $3.2 Million! 19 units came back on the market, 56 properties with a price decrease, and 3 sellers with an increase. And a down week with 40 different properties under contract, and 24 going pending! 17 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired. 54 closed sales this week, up from last week, and ranging in price from $130K to $1.8M.

Here's what's making news right now

In a 6-3 decision today, the Supreme Court ruled that the Department of Education does not have the authority to cancel student loans under the Heroes Act. The ruling is a major setback for the Biden administration, which had hoped to use the program to help debt-burdened borrowers.

The ruling is likely to have a significant impact on the real estate market. Gen Z is the next generation of homebuyers, but student debt could hold them back on this journey as it did for the preceding generation. A report by Bankrate found that 74% of Gen Zers and 68% of millennials with student debt have held off on making “major financial decisions” due to their loans—buying a home definitely qualifies.

The end of the pause on student loan payments and interest accrual, combined with the Supreme Court's decision, is likely to worsen borrowers' situation even more. It is unclear what the Biden administration will do next, but both advocates and pundits have suggested that there could be alternative methods for the administration to cancel student debt.

The ruling is a disappointment for many, but it is important to remember that the fight for student debt relief is not over. There are still other ways to address this issue, and the Biden administration is committed to finding a solution.

The Supreme Court's ruling means that borrowers who had been hoping for relief under the Biden administration's student loan cancellation plan will now have to continue making their payments. This is a major setback for many borrowers, who are already struggling to make ends meet.

The ruling also means that borrowers will have to start paying interest on their loans again. This will add to the financial burden of borrowers, and could make it even more difficult for them to save for a down payment on a home or other major purchases.

The end of the pause on student loan payments and interest accrual, combined with the Supreme Court's decision, is likely to worsen borrowers' financial situation even more. This could lead to fewer Gen Zers buying homes, which could have a negative impact on the real estate market.

Specifically, the ruling could lead to:
Lower demand for homes, as fewer people are able to afford a purchase.
Lower prices for homes, as sellers are forced to compete for fewer buyers.
An even slower pace of home sales, as buyers and sellers take longer to find a deal that works for them.

The full impact of the ruling on the real estate market is obviously uncertain, but it is clear that it could have a significant impact.

What's next for student loan cancellation?

The Supreme Court's ruling is a major setback for the Biden administration, but it is not the end of the fight for student debt relief. The administration is still considering other options for canceling student debt, and it is possible that Congress will take action on this issue.

In the meantime, borrowers who are struggling to make their payments should contact their loan servicer to see if they qualify for any other forms of relief. There are also a number of non-profit organizations that can provide assistance to borrowers.

The fight for student debt relief is not over, and there are still options available to borrowers. If you are struggling with student debt, don't give up. There is help available.