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Demovictory9

(32,472 posts) Sat Mar 21, 2020, 02:26 PM Mar 2020

The coronavirus pandemic seems to be stopping the US housing market in its tracks.

https://www.businessinsider.com/us-housing-market-sudden-lack-of-consumer-interest-coronavirus

The US housing market got off to a strong start in 2020, but it's plummeting as the coronavirus pandemic grips the country

The coronavirus pandemic seems to be stopping the US housing market in its tracks.

Google Trend data shows that real-estate related searches dropped 23% from March 6 to March 13.

And Redfin data shows the growth in nationwide home-buying demand down from about 27% in both January and February to 1% as of March 18.

Heading into March, the US housing market was showing the kind of green shoots appropriate for the start of spring. In fact, in the last quarter of 2019, million-dollar sales were up 11% and housing prices overall were up, too. On an annual basis, 2019 saw the most first-time homebuyers since 1993, according to Genworth Mortgage Insurance.

Then, in January, new home sales and pending homes sales both shot up and inventory was at its lowest level since 2012. The next month, existing-home sales hit their highest point in 13 years. In early March, mortgage rates hit historic lows, boding well for home-buying in 2020.

But America gradually woke up to the spread of the novel coronavirus, which the World Health Organization only declared a global pandemic on March 11. And data from March shows a sharp contraction.

Google Trend data showed that searches with the term "real estate" dropped 23% from March 6 to March 13, according to a report by the real estate online marketplace, Point2Homes. The data also showed drops in the searches for "houses for sale," "condos for sale," and "apartments for rent." And on the Point2Homes platform, US traffic on the site dropped by 35% from March 9 to March 16.

8 replies

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The coronavirus pandemic seems to be stopping the US housing market in its tracks. (Original Post) Demovictory9 Mar 2020 OP

Shit people are worried about paying for what they have. dem4decades Mar 2020 #1

It's stopping everyone and everything in its' tracks. Initech Mar 2020 #2

120 days and the Wellstone ruled Mar 2020 #3

Phoenix area saidsimplesimon Mar 2020 #4

"to a office with open space converted for employee child care in the staff areas." Demovictory9 Mar 2020 #5

TY saidsimplesimon Mar 2020 #7

Housing values have fallen steeply, just like stock. And mortgage companies are being careful Hoyt Mar 2020 #6

A house on our street customerserviceguy Mar 2020 #8

dem4decades

(11,302 posts)

1. Shit people are worried about paying for what they have.

Reply to Demovictory9 (Original post)

Sat Mar 21, 2020, 02:29 PM

Mar 2020

Initech

(100,100 posts)

2. It's stopping everyone and everything in its' tracks.

Reply to Demovictory9 (Original post)

Sat Mar 21, 2020, 02:36 PM

Mar 2020

No amount of these articles are going to change that fact.

Wellstone ruled

(34,661 posts)

3. 120 days and the

Reply to Demovictory9 (Original post)

Sat Mar 21, 2020, 02:43 PM

Mar 2020

foreclosures will start. Noticed Mnutchn got the Rental Eviction delay notice stripped out of the pending bailout bill. This pos is one of the largest Rental Housing operators here in Nevada.

Understand his companies has a Eviction Policy if you are over fifteen days late,you get a three day Notice to vacate.

saidsimplesimon

(7,888 posts)

4. Phoenix area

Reply to Demovictory9 (Original post)

Sat Mar 21, 2020, 02:46 PM

Mar 2020

My daughter and her husband purchased a new home just before the bottom fell out. Their previous home is now vacant and just going on the market. Her husband's employer will continue to pay him while working from home, for at least the next 30 days.

My daughter's employer, senior care providers, is asking her to return from vacation to a office with open space converted for employee child care in the staff areas. She has a preexisting condition, made a trip to emergency just a week ago, was given a CV19 test and refused to stay in hospital for the 10 day test result turn around time. Her employer is aware of this and said if she didn't have any symptoms, she should come in on Monday. She could do her work from home. I have encouraged her to take a medical leave without pay.

Demovictory9

(32,472 posts)

5. "to a office with open space converted for employee child care in the staff areas."

Reply to saidsimplesimon (Reply #4)

Sat Mar 21, 2020, 02:53 PM

Mar 2020

thoughtful of them but the exposure... how is social distancing maintained?

sending good vibes to you and your family. HOpe your daughter is negative

saidsimplesimon

(7,888 posts)

7. TY

Reply to Demovictory9 (Reply #5)

Sat Mar 21, 2020, 03:01 PM

Mar 2020

Hoyt

(54,770 posts)

6. Housing values have fallen steeply, just like stock. And mortgage companies are being careful

Reply to Demovictory9 (Original post)

Sat Mar 21, 2020, 02:59 PM

Mar 2020

who they lend to because tens of millions -- who had good credit ratings -- could be unemployed this week.

Folks are going to be shocked at their "Zillow" value in the next month or two.

customerserviceguy

(25,183 posts)

8. A house on our street

Reply to Demovictory9 (Original post)

Sat Mar 21, 2020, 03:05 PM

Mar 2020

went on the market this last week, it will be interesting to see how fast it sells. And in my mother's neighborhood (in WA state, too!) the house across the street went up for sale and sold within a few days. It's a very desirable location, on the edge of a hill, and there is permanent greenbelt in that direction, so that's probably why it moved quickly.

But closings will probably take longer than usual, if workers in the non-sales part of real estate businesses are working from home, this probably slows output of their work product. Also, there will be a lot of pressure to get refinancings done in the low-interest environment.

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