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Housing got a bad rap during the Great Recession. In our most recent blog post, we take a look at why CoreLogic Chief Economist and Freddie Mac veteran Frank Nothaft believes the sector is now poised to pull the nation out of the current pandemic-fueled decline.
While the April jobs report painted a bleak picture of the U.S. economy, a new study suggests the labor market may be showing some promising signs of stabilization. The U.S. hiring rate began to level out in April after falling sharply in March, and it hasn’t declined any further in May, according to a report from LinkedIn’s Chief Economist Karin Kimbrough.
It seems home shoppers are gearing up for a later than usual homebuying season. Realtor.com listing visits, saves and shares are all up significantly since the first wave of shelter-in-place orders took effect.
“Data suggests that home shoppers who had paused their search are now picking it back up, and the spring homebuying season won’t be lost, but merely pushed into the summer months,” said Danielle Hale, realtor.com’s Chief Economist. Check out the full report, including thoughts on the future of virtual home tours.
In case you missed it last week, a recent article explained how a variety of factors point to a recovery in the housing market. Buyers appear more eager to purchase homes thanks to low interest rates and consumer sentiment rose unexpectedly in May, both positive signs for real estate investors ready to put a freshly renovated property on the market.
In an interview with “60 Minutes,” the chairman of the Federal Reserve said the central bank has not exhausted its power to help the economy get through the coronavirus pandemic. “We’re not out of ammunition by a long shot,” Powell said.
“There’s a lot more we can do to support the economy, and we’re committed to doing everything we can as long as we need to,” he added. Powell also waved away comparisons with the Great Depression. “It should be a much shorter downturn than we would associate with the 1930s,” Powell said. He believes the economy will start to recover in the July-September quarter, but it will “take some time to pick up steam.”
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