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.
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