“It’s a perfect time to buy a house! Rates are still low, and we are going to have more houses for sale soon!” – Cries the average real estate agent.. well ladies and gentlemen, a large swath of consumers (the people who ultimately make the decision on the direction of the market) have decided: “Nah! we don’t think so!”.
It appears that this coronavirus thing is not a short term problem or a “hoax” as some would have you believe. A recent report from the largest purchaser of mortgages, FNMA (Fannie Mae) has shown that Americans are increasingly concerned about their job security and and economic stability at the moment. Fannie Mae’s Home Purchase Sentiment Index® (HPSI) took a nose dive in March 2020, falling 11.7 points in the month of March. The sharp drop puts the HPSI at its lowest level since the end of 2016.
