1. Mortgage standards are nothing like they were back then.
2. Prices are not soaring out of control.
3. We don’t have a surplus of homes on the market. We have a shortage.
4. Houses became too expensive to buy.
5. People are equity rich, not tapped out.
Coronavirus & the U.S. Housing Market
Here’s what we know:
1. In the last 5 virus outbreaks, the stock market reacted.
2. After the reactions, the market returned.
3. A stock market correction does not = housing crisis.
This isn’t a time to panic. Know the facts.
How Global Uncertainty Impacts the Housing Market
What’s Happening with Interest Rates?
“The Fed’s action was expected but perhaps not to this degree and timing. And the policy change was consistent with recent declines for interest rates in the bond market. These declines should push mortgage interest rates closer to a low 3% average for the 30-year fixed rate mortgage.”