Coronavirus and the Housing Market: Dangers Loom
The headlines frightening as Coronavirus spreads across the world and to the U.S.
Already, the virus is wreaking havoc on the Chinese economy, as evidenced by the latest indicators on home sales, inflation and manufacturing productivity. The rapidly spreading virus threatens to disrupt trade and economic growth.
And the American housing market will not be immune.
The coronavirus epidemic is barely two months old, but it has already had an impact on the U.S. economy; which barely grew in February.
Meanwhile, forecasters are predicting a major slowdown in growth for the near future. Recession talk is on everybody’s lips. According to IHS Markit, businesses are curbing spending plans due to “worries about a wider economic slowdown.”
And a slowing economy always negatively impacts the housing market. Stay tuned. Even with the downturn, housing is still a necessity. People will always want and need affordable rental homes and apartments in safe communities.
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.