The housing market continues to deliver strong gains w existing sales jumping to their highest level since late 2006 in August. Gains were in all regions but most dramatic on the Northeast, which was still playing catch up on losses from more strict lockdowns.
Tight inventories combined with fevered demand to push prices to a new record. The length a home sat on the market slipped to 22 days, tying a previous low. Those who have escaped the worst of employment losses are buying to have more space to work from home and to escape.
Vacation home markets have been booming along with luxury vehicle sales as wealthy buyers look for a safe place to relax, with travel still limited. Most surveys of consumers still show considerable reluctance to fly and travel bans remain in effect with many foreign destination
The rapid pace of hole buying is occurring even as more people appear unable to make their mortgage payments. About 1.6 m people are now behind on their mortgages - ab 600,000 are getting deferrals via the Cares Act. A million could slip into foreclosure sooner.
Buyers vying for those homes will have to compete w private equity investors looking to convert foreclosures into rentals. It is notable that even though the crisis has hit low wage workers harder, they are not the only grp feeling pain. Unem for college grads > 08-09 recession
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.