Not much to add. We are going to likely see more restrictions and economic recovery slow downs as COVID in the US and Europe is essentially at new highs.
Hospitalizations are up 40% in a few weeks, positivity rates are up from 5% to almost 8%, and deaths are starting to climb. This is not just a testing issue.
I discussed the housing market on Tuesday – there are no houses to buy. Well, it is even worse now. From my friend Bill McBride at Calculatedriskblog.com, here is the NAR month’s supply of houses.
There are only 2.7 months supply. That is incredibly low and will lead to rapid price increases in the next 12 months.
Some folks are concerned about forbearance and then a rush of inventory. Even if 1-2 million houses hit the market today, prices would still likely increase over the next 12 months.