coronavirus effect housing market

  • 4 min read
  • Feb 26, 2019

Coronavirus
Coronavirus’ Impact on the Housing Market Is Dividing Americans

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Compass Real Estate and former HGTV host Mike Aubrey discuss the state of the housing market and how that impacts real estate

The market is faced with the challenge heading into 2020 -. Including affordability and supplies are limited -. but there are fears the crisis may face a severe blow to this sector

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in March, preliminary data show the situation has begun to negatively affect the buyers and the behavior of sellers – though not to the extent that serious

a conducted by the National Association of Realtors housing more than 70,000 members showed that about 78 percent of respondents said the situation has not changed interest homebuyer. in their markets. That compares with 13 percent who reported a decrease in interest -. Figures are higher in California and Washington in particular

Eighty-seven percent say the seller’s behavior has not changed, despite a 9 percent said the number of homes on the market decreased -. the figure is also higher in California and Washington, two states hit hard by the virus outbreak early US

Very few reported seeing house sellers remove from the market because of the situation coronavirus.

survey conducted on March 9 and 10.

Hovnanian Enterprises Inc. chairman and CEO Ara Hovnanian noted the same trend during the last with FOX Business. On Tuesday, Hovnanian said home sales have been “strong” over the past two weeks, he admitted surprise.

“We have sold many homes,” Hovnanian said, adding that he was cautious moving forward given how quickly the national situation changed.

The National Association of Homebuilders seem to have a more vigilant. On Tuesday, the group sent a letter to ask for support for the housing sector

“We expect solid foundations of the national economy can weather this national emergency .; Nonetheless, the federal government must take decisive action to support the housing sector, both for home buyers that the housing market of electricity in the whole country and for small businesses that build 80 percent of new homes in the United States, “the letter read.

This group also proposes measures to shore up the sector, including mortgage patience, the payroll tax cut and properly fund the federal rental assistance program, among many others.

potential good news for prospective buyers, however, is that the level can be decreased. Cutting the benchmark interest rate to zero over the weekend, and mortgage rates tend to move in interest rates mirror -. Although its effects can be delayed

However, the NAR survey showed that about 50 percent of people said the recent drop in the stock market offset the decline in mortgage rates on their financial perspective.

The prospect of a looming recession as a result of the economic impact of the virus may also encourage home buyers to the sidelines. While the government looks into ways to shore up the US financial situation, about 18 percent of households in America have reported that someone in their family has either been dismissed – or have their hours reduced -. As a result of the spread of coronavirus

such as by FOX Business, market, especially in states like New York and California, have started to decline. Softness begins when the virus broke out in, because most buyers in this sector tend to be from China.

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This material may not be published, broadcast, rewritten, or redistributed. © 2020 FOX News Network, LLC. All rights reserved. –

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