Posted To: MND NewsWire

Freddie Mac’s Economic and Housing Research Group says say that, heading into summer, the housing market is rebounding from the COVID-19 pandemic’s damage faster than expected. Purchase demand is recovering, and any home price response has, so far, been muted. Still, the company’s quarterly forecast is much more uncertain than usual. The report credits the government’s stimulus with cushioning the pandemic’s impact on consumers in the short term, however, there has still been tremendous damage to the labor market and to small businesses. The extent of that impact is still unfolding. The wages and salaries component of income fell 8 percent in April, the largest monthly drop since data collection began in the 1950s. The CARES Act and the stimulus it authorized led to a $3 trillion or 90 percent…(read more)

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Source: Mortgage News Daily