PHOTO: U.S. housing demand is expected to plunge as the coronavirus pandemic continues to unfold. | Image: Joe Raedle/Getty Images/AFP
The U.S. housing market could lose over a trillion dollars in value this year as the coronavirus pandemic rattles the economy.
- The U.S. housing market could lose 4% of its value.
- Unemployment claims and layoffs would be a headwind.
- Demand is expected to fall off a cliff thanks to the coronavirus pandemic.
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The U.S. housing market is going to be one of the biggest victims of the novel coronavirus pandemic as people lose jobs and the economy comes to a grinding halt. Housing bulls have already started pulling out of the market and it won’t be long before prices start going south.
The latest readings from the S&P CoreLogic Case-Shiller index could be the market’s last hurrah. The economic fallout of the COVID-19 outbreak is about to wreck the market’s momentum and might cause the biggest price crash since the Great Recession.
READ MORE VIA CNN
