by 2% over the next year as a result of the coronavirus pandemic, and would hit bottom in April 2021.
As discussed in its Housing Watch note, BofA says the housing market is "the victim of the economic recession and not the culprit. The fundamentals of the housing market are sound which means that after a correction lower there will be a natural pull for recovery. Challenges remain but the healing process has already started." According to a report by the Mortgage Bankers Association , applications to purchase a home rose 6% for the week ending on May 15 compared to the week prior.
In addition, BofA reported that a survey conducted by the University of Michigan found an uptick in the percentage of respondents who believe now is a good time to buy; there has also been an increase in builder confidence. According to a report by the National Association of Home Builders , builder confidence for newly built single-family homes increased seven points in May to 37.
The index also showed additional gains in May. Current sales conditions increased six points to 42, sales expectations in the next six months increased 10 points to 46, and buyer traffic increased eight points to 21.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside California's beautifully bizarre Winchester Mystery House - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
US stocks slide amid signs of a sluggish economic recovery in China | Markets InsiderUS stocks edged lower Friday following signs that China's economic recovery my be more fragile than hoped. China's government did not set an an...
Source: BusinessInsider - 🏆 729. / 51 Read more »
Business Insider presents: Starting Up with Slack cofounder and CTO Cal Henderson - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Microsoft launches Cloud for Healthcare - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
$23.5 million mansion hits the market in exclusive Florida community - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
How to invest $1,000 in the stock market and start building wealth today - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Philippines Investment Investors let us know 📩 Tequila 💧 We about to invest in G-pack, turn that around and work up to a brick. 😎 New comers should stay away from the markets because they have more to lose than the seasoned investors now, the global markets are too unstable as they are subject to perpetual fluctuations while the global economy is trying to reset itself
Source: BusinessInsider - 🏆 729. / 51 Read more »