City of Callaway issued the following announcement on July 22.
The U.S. housing market has defied the odds during a public health crisis, economic recession, and the highest unemployment since the Great Depression. Home prices are surging nationally as buyers duke it out over a very limited number of properties for sale. However, there are fears the already battered economy is on the verge of taking yet another hit.
COVID-19 cases are spiking in many parts of the country, which could lead to a second round of shutdowns, furloughs, and layoffs in some areas. The additional $600 that more than 17 million people are getting in weekly unemployment benefits is set to expire at the end of this month if Congress doesn't act soon. And several large companies have announced tens of thousands of job cuts on the horizon.
Can residential real estate remain unscathed in the face of this looming financial pain?
Most experts expect the market will remain strong—at least in the short term. The blockbuster combination of record-low mortgage interest rates, which dipped below 3% for the first time ever this month, hordes of still-employed buyers descending on whatever listings they can find, and a brutal housing shortage have kept prices high."I don't expect an immediate impact on the housing market," says realtor.com® Senior Economist George Ratiu. "The housing market's summer season will remain hot. It's going gangbusters. In the late fall and winter, it could cool off as the market tends to be a lot slower and more small businesses close."
Congress and the White House are attempting to bang out another coronavirus stimulus plan by the end of the month. This will likely provide another jolt to the economy. But it's not yet decided what this stimulus would consist of, and how much of it would make its way to cash-strapped consumers.
Original source here.
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