As the COVID-19 outbreak worsened in the United States and the garbage ‘mainstream media’ did it’s level best to scare as many Americans as possible into permanently sheltering into place so that the collapsing economy would remain collapsed, President Donald Trump remained one of the few rational voices on the national stage.
The president took every opportunity to remind fellow citizens that once the outbreak began to subside and states began allowing their businesses to reopen, the economy would come roaring back and would be back to where it was within the year – around 3.5 percent unemployment, record employment for minorities, and growing steadily.
In May, the president was proven right when the economy added a record-breaking 2.5 million jobs and the overall unemployment rate tanked from nearly 20 percent to around 14 percent.
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Now, as The Epoch Times reports, the U.S. housing market is poised to boom once again, indicating that Americans are regaining confidence in the economy – enough to purchase a home:
America’s housing market is expected to weather the pandemic and stage a solid rebound, with a Reuters poll showing that U.S. house prices are likely to outpace consumer price increases in 2020 and the following year.
According to a June 9–19 poll of over 40 housing strategists, house prices will rise 3.0 percent this year and next, making America’s housing market story appear to be one of resilience in the face of an outbreak that has decimated sectors of the economy such as travel and hospitality.
If this prediction bears out, it will mean U.S. housing price rises will beat the Federal Reserve’s consumer inflation projections of 0.8 percent this year and 1.6 percent next year.
“Housing demand is coming back in dramatic fashion, with homebuilders in markets all around the country reporting a bounce-back in demand in May and June,” noted Brad Hunter, managing director at real estate advisory firm RCLCO, The Epoch Times noted.
“Price reductions will be mostly confined to the lower tranches of the market.”
The Reuters survey comes ahead of another by the National Association of Realtors (NAR), which shows that sales of existing homes fell in May by 26.6 percent year-over-year, the largest annual drop since 1982 and at the relative peak of the coronavirus outbreak in the U.S.
Sales, meanwhile, dipped 9.7 percent compared to April – again, which makes sense, given that scores of Americans were continuing to be laid off.
Lawrence Yun, NAR’s chief economist, says he believes that the drops in April and especially May are only indicative of a “cyclical low point.”
“Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year,” said Yun, the Times reported.
What’s also fueling the rebound are record-low mortgage rates that consumers will no doubt take advantage of. Rates fell to 3.3 percent this month.
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“New home construction needs to robustly ramp up in order to meet rising housing demand,” Yun said. “Otherwise, home prices will rise too fast and hinder first-time buyers, even at a time of record-low mortgage rates.”
“As the nation reopens, housing is well-positioned to lead the economy forward,” said National Association of Home Builders Chairman Dean Mon in a statement. “Inventory is tight, mortgage applications are increasing, interest rates are low and confidence is rising. And buyer traffic more than doubled in one month even as builders report growing online and phone inquiries stemming from the outbreak.”
And who foresaw this? President Trump, of course. Who was wrong? ‘The experts.’
