Economic Coronavirus Impact On Americans

Economic Coronavirus Impact On Americans And Businesses

Gustan Cho Associates are mortgage brokers licensed in 48 states

BREAKING NEWS: Economic Coronavirus Impact On Americans And Businesses

The Economic Coronavirus Impact On Americans is beyond devastating.

  • Prior to the coronavirus pandemic, the U.S. economy was booming
  • Unemployment rates hit an all-time record low at under 3.5%
  • The Dow Jones Industrial Average surpassed the 29,000 mark this February 2020
  • HUD and the Federal Housing Finance Agency (the FHFA) has increased FHA and Conforming Loan Limits for the past four years due to rising home prices
  • There was more demand for homes than in inventory
  • Homebuilders were selling out homes prior to the completion of the permit process
  • Mortgage rates hit an all-time low
  • Many lenders have launched non-QM loans and alternative financing loan programs
  • Bank statement loans for self-employed borrowers were becoming very popular

Many investors got back to real estate investments. Lenders eased up on lending requirements on investment properties.

Economic Coronavirus Impact On Americans And Economy

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Housing prices kept on increasing year after year with no signs of any correction.

  • Then the coronavirus pandemic hit the United States like a category-10 hurricane shutting down the U.S. economy
  • In a matter of weeks, all state governors issued a state of emergency with a stay at home order
  • The stock market went crumbling down
  • Many cities, towns, and counties were ghost towns
  • Over 30 million Americans filed unemployment claims in a period of six weeks
  • Economists expect U.S. unemployment rates will surpass 20% in 2020
  • Unemployment rates may surpass the 29% rate during the Great Depression
  • However, the actual numbers are hard to predict
  • It is dependent on how long it will take the U.S. economy to recover
  • Over 30 state governors have declared they will reopen their states in the coming days and weeks

In this BREAKING NEWS article, we will discuss and cover the Economic Coronavirus Impact On Americans And Businesses.

Economic Coronavirus Impact On Americans And Their Livelihoods

Panic hit every household when the news of the pandemic hit.

  • What was the coronavirus?
  • How serious was it?
  • Was the coronavirus pandemic be the cause of the end of the World?
  • Is the information released by the Press correct?
  • Will the coronavirus pandemic kill millions of people?
  • Are Democrat politicians conspiring with the Fake News media to use fear-mongering to take President Trump out?
  • There is no doubt the coronavirus is a serious health issue that can be contagious
  • In just a few weeks, the coronavirus has spread over several continents killing thousands of people

U.S. Economy Prior To The Coronavirus Pandemic

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The U.S. economy was booming prior to the coronavirus pandemic.

  • Economic numbers were setting historic records year after year
  • Unemployment rates were under 3.5%
  • Most American’s 401ks were up over 60% since President Trump took office
  • The Dow Jones Industrial Averages went over 29,000 in February 2020
  • The housing market forecast for 2020 was supposed to hit record numbers
  • Then the coronavirus hit the United States halting the U.S. economy

As time passes, the coronavirus crisis in the U.S. turns out to be less severe than expected. Death numbers are substantially lower than expected.

Is The Coronavirus Pandemic A Hoax?

As mentioned in the previous paragraph, as time passes, we are discovering that the coronavirus pandemic is not as deadly as anticipated.

  • Many Democrat state governors are capitalizing on the coronavirus pandemic to get federal funding on their state budget deficits
  • Illinois politicians have close to $300 billion in pension debt shortage
  • Illinois Governor J.B. Pritzker and lawmakers are asking the federal government to include a pension bailout as part of their coronavirus economic bailout package
  • The same goes for NYC Mayor Bill de Blasio and New York Governor Andrew Cuomo
  • No way JOSE is the answer from the White House
  • Many are questioning whether or not there was a conspiracy to the coronavirus pandemic
  • Others think the Democrats concocted another ploy to destroy President Trump’s reelection in 2020
  • There are many irregularities with the WHO and Dr. Anthony Faucci which sparked a federal investigation
  • Data show there are 13 times more cured cases than deaths, and that proportion is increasing

Was there wrongdoing here between the Democrats, Dr. Faucci, Dr. Deborah Birx, and the Fake News Media? Time will tell

Look at the chart below:

Economic Coronavirus Impact On Americans And The Economy

The U.S. economy needs to reopen. It will be more than a year before there is a cure and/or vaccine for the coronavirus.

  • Statistics and numbers show the flu is more deadly than the coronavirus
  • Data show that under 3.0% of all coronavirus cases occur in people under 20 years old, and mortality under 40 is only 0.2%
  • In many instances, the symptoms are so mild that it goes undetected for many people
  • There is no doubt that the virus is contagious and can spread
  • However, is the coronavirus really a global pandemic?
  • Dr. Anthony Faucci estimated a death estimate of 100,000 to 2.5 million people due to the coronavirus
  • However, the death level has been modified to well under 100,000
  • Is this fear-mongering?
  • Fauci and Dr. Deborah Birx said the lower death numbers is due to their hard work in pushing social distancing measures
  • Other scientists call Fauci and Birx’s response total bullshit
  • There were over 25 million deaths that were caused by The 1918 flu pandemic in a period of 25 short weeks
  • The coronavirus pandemic will not even come close to the number of deaths that were caused by the 1918 flu pandemic
  • On the flip side, the country has been better prepared for a pandemic in 2020 versus 1918

The economic damage from the pandemic is absolutely devastating. As time passes, it will take that much more time to recover. The good news is that many state governors are now reopening their states starting in May. Other state governors are adamant they cannot open their states until further notice. Many residents of states that are not reopening are suing their state governors and protesting. The longer the economy remains shut, the harder it will be for a full recovery. The once strong housing market yet remains to be seen on whether it will have a correction and how much of a correction.

The Recovery Of The Economic Coronavirus Impact On Americans And The Housing Market

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The once strong housing and mortgage market was definitely impacted by the coronavirus pandemic. The demand for homes for 2020 was very strong. However, over 50% of qualified and pre-approved home buyers suspended their home buying process. The main reason for halting the home buying process is due to concerns about their job stability. The pandemic has also impacted the mortgage markets. Non-QM loans and bank statement loans now require larger down payments and higher credit scores. Borrowers with under 680 credit scores may have to pay discount points. However, the mortgage markets are expected to return to normal once the secondary mortgage bond markets stabilize. The good news is that Gustan Cho Associates Mortgage Group still offers government and conventional loans with no lender overlays. This is a breaking story. We will update our viewers as new developments happen in the coming days and weeks. STAY TUNED!!!

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