Despite uncertainty created by the current health climate over the last few months, economists have noted a distinct pattern in the housing market: instead of slowing down, it is actually booming. According to Bank of America, mortgage purchase applications have risen drastically and are currently clocking in above pre-lockdown levels. Keep reading for the five explanations for this surge in market activity.
- The Disproportionate Recession: State lockdowns and stay-at-home orders affected lower income populations more dramatically than higher income brackets- and research shows that lower income groups are less likely to be homeowners.
- Interest Rates Are at an All-Time Low: Last week, interest rates plunged to a new historic low. Compared to…
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