As the coronavirus pandemic continues to wreak havoc on global and domestic economies, housing has thus far proven resilient, managing a V-shaped recovery from the low point reached in April. The strong rebound is largely a result of two dynamics that existed before the pandemic and have continued or even gained strength in the last few months.
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The domestic and global economy continue to feel the pain inflicted by the coronavirus pandemic. Yet the housing industry, at least for now, is bucking the trend. Weekly purchase applications have surpassed their levels from one year ago for eight straight weeks, as potential buyers respond to record low mortgage rates. The market potential for ...
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The economic fallout and impacts to the housing market from the pandemic appeared to peak in April. The number of existing-home sales fell 18 percent relative to March, housing starts fell 26 percent, and the supply of homes available for sale approached record lows. While historically low mortgage rates made it more affordable for those with ...
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The early signs of a housing market comeback that appeared in mid-April, rising weekly purchase loan applications, continued to surge through May and into June. In fact, weekly purchase loan applications have now exceeded pre-pandemic levels.
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In March, data began to reveal the depth of the impact from the pandemic on the housing market. The number of existing-home sales fell 8.5 percent relative to February, and the number of new listings continued to dwindle. While historically low mortgage rates make it more affordable for those with stable incomes to buy a home, tightening credit ...
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The coronavirus pandemic continued its historic assault on the domestic and global economy in April, and the housing market did not go unscathed. Typically, the hot spring home-buying season would be in full swing in April, but pandemic-related impacts, including shelter-in-place orders, the rapid surge in unemployment, and declining consumer ...
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