The upcoming spring home-selling season was headed for one of it’s best in years until the coronavirus appeared, prompting Moody’s to predict that the economy has a 60% chance of falling into a recession. Despite record-low mortgage interest rates, fear of the virus has delayed some listings while many potential buyers hunker down on the sidelines.
Mark Zandi, chief economist at Moody’s said “Housing is being buffeted by two gale forces moving in opposite directions”, which is in reference to low-interest rates and the economic fallout caused by the Coronavirus.