BREAKING NEWS: Housing Market Booming Despite Record High Unemployment
Housing Market Booming despite record-high unemployment and the coronavirus outbreak. Never in history has the housing market been so hot despite economic uncertainty and a presidential election in just a few months. Over 50 million Americans have filed for unemployment due to the coronavirus outbreak. With only a handful of states that are mismanaged such as Illinois and New York, most states do not have homes for their demand by homebuyers. The demand for homes far exceeds inventory.
Homebuilders Are Setting Record Revenue Due To Housing Demand
Builders are thriving. Homebuilders are picking up any available parcels at a premium. This is due to having an inventory of homes sold out even before breaking ground. Historic record mortgage rates are adding fuel to the fire on the demand for homes. The coronavirus outbreak created changes by employers in promoting remote jobs. Now homebuyers are not stuck in one geographical location to purchase a home due to work. Remote workers can exit their high taxed state to lower-taxed states with a lower cost of living and affordable history.
In this breaking news article, we will discuss and cover how the Housing Market Booming Despite Record High Unemployment.
Housing Market Booming Despite Analysts Expectations
Housing Market Booming Despite Record High Unemployment and the gloomy forecasts by experts and economists.
Economists predicted the 2020 housing market will be depressing due to the coronavirus pandemic and record-high unemployment numbers. However, the housing market is booming like never before in history. The housing market is better today than it was prior to the coronavirus outbreak that hit the U.S. economy. The booming housing market is keeping the economy moving in a positive direction despite the COVID-19 pandemic outbreak.
What The Experts Say On The Booming Housing Market
Jammi Cash of Gustan Cho Associates is a housing market expert and vice president.
Talks And Rumors Of Another Housing Market Crash
Many so-called housing experts were so wrong. Many predicted another housing meltdown worse than the 2008 financial crisis. Others predicted another Great Recession as well as a major housing meltdown. They were wrong. The housing market cannot be stronger.
Record Mortgage Rates Are Keeping Lenders Busier Than Ever
Mortgage lenders are busier than they have been in decades. There is not a loan officer that is not flooded with business. Most loan officers are working 80 hour weeks. Most mortgage processors, mortgage underwriters, and support staff are working at least 20 or more hours of overtime per week. Typical turnaround times from pre-approval to closing used to be 3 weeks. Now, due to the massive volume of loan applications, the turnaround times are averaging 45 to 60 days on purchases and 90 days for refinances.
Historic Low Mortgage Rates Are Fueling The Booming Housing Market
The average loan size on a mortgage loan application registered at $357,000. Mortgage rates hit another all-time low. Mortgage rates for a 30-year fixed-rate mortgage are now at 2.96% for prime borrowers. Mortgage rates for a 15-year fixed-rate mortgage are now at 2.625%. Gustan Cho Associates has seen a surge in refinance mortgage loan applications. We have all of our licensed and support personnel working overtime and weekends. We are hiring loan officers, processors, mortgage underwriters, and support staff. Gustan Cho Associates does not see any increase in mortgage rates for the next 18 months.
