COVID-19 economy compared to Hong Kong '03 SARS Pandemic


Photo by John Guccione www.advergroup.com from Pexels
The COVID-19 pandemic has closed down enormous swaths of the country's economy, influencing the everyday existences of a great many family units. Housing markets, as almost every division of the economy, won't be saved. Interest for lodging will probably mollify as joblessness develops and family unit salaries decay. Additionally, many homes have just been pulled off the market, influencing both potential purchasers and merchants. Less lodging units will likewise be created for the time being, perhaps affecting lodging reasonableness as time goes on.
Regardless, the pace of employment misfortunes in the US is exceptional in the post-war time. The nearest matches are likely other worldwide pandemics. As per an examination from Zillow, following the SARS episode in Hong Kong in February 2003, home deals fell 33 percent underneath anticipated levels by May. Nonetheless, exchanges (just as joblessness) recouped to ordinary by July of that year, when the infection had to a great extent been contained. Be that as it may, that arrival to relative commonality relied to a great extent upon regulation of the infection.

Guillermo "Bill" Sanjurjo Realtor® https://guillermorealtor.c21.com/ 12955 SW 42 St Suite 2, Miami, FL 33175 Cell: 786-232-1400

Comments

Post a Comment

Your comments are always welcomed and appreciated. Thank you.

Popular posts from this blog

Know your rights under mortgage payment forberance

Image
Photo by  Andrea Piacquadio  from  Pexels To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a  Fannie Mae or Freddie  Mac-backed mortgage are not required to repay the missed payments in one lump sum. According to the McDash Flash Forbearance Tracker from  Black Knight , as of April 23, 2020, more than 3.4 million homeowners, or 6.4% of all mortgages, have entered into COVID-19 mortgage forbearance plans. “During this national health emergency, no one should be worried about losing their home," said Director Mark Calabria. “No lump sum is required at the end of a borrower's forbearance plan for Enterprise-backed mortgages. To help homeowners navigate the forbearance process, FHFA partnered with CFPB on the Borrower Protection Program to provide homeowners accurate information about forbearance and address concerns noted in some consumer complaints. While today's statement only covers Fannie Ma
Read more

Challenges for Miami Homebuyers

Image
Navigating the New Real Estate Landscape:  Challenges for Miami Homebuyers Miami Homebuyers Facing Obstacles The real estate market in Miami has become increasingly challenging for homebuyers. Over the past few years, housing prices have skyrocketed, while mortgage interest rates have risen to unexpected levels. Unfortunately, wages haven’t kept pace with inflation, making it more difficult for many to afford their dream home. As if these challenges weren’t enough, new rules from the National Association of Realtors (NAR) are set to change how commissions are handled in real estate transactions, adding another layer of complexity for buyers. The Impact of the NAR Settlement Rules Beginning this Saturday, real estate agents listing homes on the Multiple Listing Service (MLS), a widely used database for agents, will no longer be allowed to advertise any compensation to buyer's agents. Previously, it was common for sellers to pay commissions to real estate agents on both sides of the
Read more