The COVID-19 pandemic poses serious health and economic challenges. The extent of the harm also touched the confidence of even the biggest economic drivers of the real estate market: homebuilders.
It was April when the prospects of shuttered businesses and a prolonged order for individuals to stay at home caused the National Association of Home Builders/Wells Fargo Housing Market Index to drop 42 points.
In more than 30 years, nothing of this sort had occurred.
The 30-point reading recovered slightly in May, increasing by 7 points. By June, the index had soared by 21 points, which is just 14 points shy of where it had finished in March.
The turnaround may be a sign that a post-pandemic recovery will rely on the health of the housing industry, which continues to show progress.
Experts believe that as the nation resumes economic activity in earnest, housing will be well received by consumers.
An increasing number of mortgage applications, falling interest rates, and growing consumer and builder confidence are all ingredients for a successful recovery and healthy market moving forward.
At Premier Mortgage Resources, LLC, we know every customer has a unique set of financial needs and goals. That is why we provide an array of products and investment tools to get the job done.
If you’re thinking about leveraging the equity in your home and solidifying your financial future, a refinance loan may be for you. Please contact us today to learn more about how you can lower your monthly mortgage payment or receive a cash-out refinance option with a home refinance loan.
Since 1991, we’ve been helping customers achieve their dreams of homeownership and a strong financial future. Please let us know how we can help you achieve your goals today.