Mortgage Rates Hit Record Lows for Three Consecutive WeeksOver the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way
Confused About the Economic Recovery? Here’s Why.
Dated: May 5 2020
While we look for signs that we’ve reached a plateau in cases of COVID-19, the concern and fear of what will happen as businesses open up again is on all of our minds. This causes confusion about what an economic recovery will look like. With this in mind, it’s important to understand how economists are using three types of sciences to formulate their forecasts and to work toward clearer answers.
1. Business Science – How has the economy rebounded from similar slowdowns in the past?
2. Health Science – When will COVID-19 be under control? Will there be another flareup of the virus this fall?
3. People Science – After businesses are fully operational, how long will it take American consumers to return to normal consumption patterns? (Ex: going to the movies, attending a sporting event, or flying).
This past week, the Bureau of Economic Analysis released the advanced estimate for GDP for the first quarter of 2020. That estimate came in at -4.8%. Experts agree that the second quarter of 2020 will be an even greater slowdown, a sign more business are feeling the effects of this health crisis. The same experts, however, project businesses will rebound, and a recovery will start to happen in the second half of this year.
As time goes on, we’ll have more clarity around what the true economic recovery will look like, and we’ll have more information on the sciences that will affect it. DM me to discuss how this positions you in the housing market and the best way to move forward.
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ABOUT ME Personal I have lived in Orlando, Fl since 2004. I was born in San Juan, Puerto Rico. I enjoy spending time with my husband and my three daughters, especially when we take time to travel....