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US Housing Market Prediction

Goals

To determine what experts predict will happen in the U.S. housing market in the next `12 to 18 moths, with special attention to decreases in home ownership and increases in rentals.

Early Findings

  • Experts predict that the US housing market may come down to a complete shutdown.
  • Prospective homeowners have been postponing their plans to purchase a new home due to the current financial situation.
  • According to Capital Economics, sales of houses may fall by 35%, as compared to the previous year, by the end of the second quarter this year.
  • The reasons for the fall in the sale of houses include increase in unemployment and restrictions on people's movement.
  • A renowned mortgage market player, Fannie Mae, predicted that the US housing market will continue to see a price growth despite the impact of COVID-19. However, analysts believe that this prediction might not come true as housing prices have already started to fall amid the impact of the coronavirus crisis.
  • 40% of sales in the US housing market take place during the spring months, i.e. March to June. However, this may not be possible this year due to the coronavirus pandemic.
  • While some experts are sure that the housing market is going to see a major impact, others don't think it's going to be all doom and gloom unless the pandemic stretches a few months longer.
  • Experts also believe that the market might improve in as little as two quarters after the economy starts to improve.

Proposed next steps:

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