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In a recent online article posted by REALTOR® Magazine, Melissa Dittman Tracey explores why the housing market has been able to withstand the current recession, spurred by the COVID-19 crisis. Tracey makes the statement that, “The housing market is recovering much faster than most other sectors in the economy in the current recession,” followed by a question, “But will it last?”
While unemployment remains high at 13%, “economists believe housing will be able to weather most of the economic storm.” Due to housing shortages and the strong equity positions of most homeowners, any downturn of the housing market is unlikely to broach that of the 2008 financial crisis.
The good news? Data suggests that the economy hit its lowest point in the beginning of April, and there has been steady recovery and improvement ever since. This means that, “the housing market is making a much more pronounced recovery than most other segments of the economy.”
According to Sam Khater, Freddie Mac’s chief economist, “It’s remarkable that in the last recession it took us 10 years to reach normal levels. In this recession, it took us less than 10 weeks.” While recovery is underway though, uncertainty is still high and there is concern of a fiscal cliff ahead that may slow recovery as we see it now.
Despite this, the following housing indicators give hope for the market in the days and weeks to come: home prices stand firm, personal income is rising, a foreclosure wave is unlikely, and not all populations are being hit as hard as others. To learn more about these indicators and the data that supports them, please view the original article posted by REALTOR® Magazine, here.