Housing Market, After a COVID Recession Hit, Stages a Massive Comeback
Wednesday, September 16th, 2020
Despite millions of job losses and spiking mortgage delinquencies, data from the latest Health of Housing Markets Report (HoHM Report) from Nationwide economics finds that risks to the national housing market have fallen thanks to government intervention and record-low interest rates.
Although the COVID-19 recession rained body blows on the U.S. economy in the form of mandated government closures, causing the highest levels of unemployment since the Great Depression, the HoHM report finds the housing market is showing resilience. Amidst the worst of the recession in the second quarter, the national Leading Index of Healthy Housing Markets (LIHHM) fell modestly into neutral territory. But the housing market climbed off the canvas in the third quarter, moving back into the plus side of the ledger with the largest one-quarter increase since 2010.
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