{"id":794,"date":"2020-05-19T14:15:12","date_gmt":"2020-05-19T14:15:12","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=794"},"modified":"2021-12-22T15:21:58","modified_gmt":"2021-12-22T15:21:58","slug":"housing-market-positioned-bring-back-economy","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/housing-market-positioned-bring-back-economy\/","title":{"rendered":"Housing Market Positioned to Bring Back the Economy"},"content":{"rendered":"
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Housing Market Positioned to Bring Back the Economy<\/p><\/div>\n

All eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes:\u00a0which sectors of the economy will drive its recovery?\u00a0<\/em>There seems to be a growing consensus that the housing market is positioned to be that driving force, the tailwind that is necessary. Some may question that assertion as they look back on the last recession in 2008 when housing was the anchor to the economy \u2013 holding it back from sailing forward. But even then, the overall economy did not begin to recover until the real estate market started to regain its strength. This time, the housing market was in great shape when the virus hit. As Mark Fleming,\u00a0Chief Economist<\/em>\u00a0of\u00a0First American<\/em>,\u00a0recently explained<\/a>:<\/p>\n

\u201cMany still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.\u201d<\/em><\/p><\/blockquote>\n

Fleming is not the only economist who believes this. Last week, Dr. Frank Nothaft,\u00a0Chief Economist<\/em>\u00a0for\u00a0CoreLogic<\/em>, (@DrFrankNothaft) tweeted:<\/p>\n

\u201cFor the first 6 decades after WWII, the housing sector led the rest of the economy out of each recession. Expect it to do so this time as well.\u201d<\/em><\/p><\/blockquote>\n

And, Robert Dietz,\u00a0Chief Economist<\/em>\u00a0for the\u00a0National Association of Home Builders<\/em>, in an\u00a0economic update<\/a>\u00a0last week explained:<\/p>\n

\u201cAs the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt\u2026Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.\u201d<\/em><\/p><\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

Every time a home is sold it has a tremendous financial\u00a0impact<\/a>\u00a0on local economies. As the real estate market continues its recovery, it will act as a strong tailwind to the overall national economy.<\/p>\n

 <\/p>\n

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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Housing Market Finish Reading Housing Market Positioned to Bring Back the Economy<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,15,123,125,167,152,182,10,18,91,52,49,42,63,20,12,24,48,13,54,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/794"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=794"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/794\/revisions"}],"predecessor-version":[{"id":796,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/794\/revisions\/796"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}