For months now the vast majority of Americans have been
asking the same question: When will the economy turn around? Many experts have
been saying the housing market will lead the way to a recovery, and today we’re
seeing signs of that coming to light. With record-low mortgage rates driving
high demand from potential buyers, homes are being purchased at an accelerating
pace, and it’s keeping the housing market and the economy moving.
Here’s a look at what a few of the experts have to say about
today’s astonishing recovery. In more than one instance, it’s being noted as
truly remarkable.
Ali Wolf, Chief Economist, Meyers Research
“The housing recovery has been nothing short of remarkable…The
expectation was that housing would be crushed. It was—for about two months—and
then it came roaring back.”
Fannie Mae
“Recent home purchase measures have continued to show
remarkable strength, leading us to revise upward our home sales forecast, particularly
over the third quarter. Similarly, we bumped up our expectations for home price
growth and purchase mortgage originations.”
Javier Vivas, Director of Economic Research for realtor.com
“All-time low mortgage rates and easing job losses have boosted
buyer confidence back to pre-pandemic levels.”
James Knightley, Chief International Economist, ING
“At face value this is remarkable given the scale of
joblessness in the economy and the ongoing uncertainty relating to the path of
Covid-19…The outlook for housing transactions, construction activity and
employment in the sector is looking much better than what looked possible just
a couple of months ago.”
Bottom Line
The strength of the housing market is a bright spark in the
economy and leading the way to what is truly being called a remarkable recovery
throughout this country. If you’re thinking of buying or selling a home, maybe
this is your year to make a move after all.
Source: Real Estate with Keeping Current Matters