Home sales in the U.S. are picking up again, despite record prices and the sudden loss of some 22 million jobs due to the coronavirus pandemic, which now rages in California and many other states initially spared from public-health crises.
“Firm underlying demand and limited supply will continue to keep a floor under home prices, even during a slow recovery in the economy,” Vanden Houten wrote in a note Wednesday. Of note, the National Association of Realtors pegs the median income for new home buyers at $93,000 a year, underscoring the point that today’s housing market is more vulnerable to skyrocketing unemployment rates if job losses hit more higher earners.Another recent factor is that the $2.2 trillion Cares Act, passed in April by Congress, included a 12-month forbearance option for borrowers with federally-backed mortgages, with the goal of reducing stress on the housing market from delinquencies.
People still buying homes
Laws need to change. You have more than 1 house you pay more the higher amount you have to stop the nonsense of billionaires.
Make sense? Logic has gone out the window.