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Who can get a loan for a house? Someone with a steady income who can keep up the payments. Quite a few people have dropped out of that category due to Covid. Still, quite a few have kept their jobs and are working from home or have some modified arrangement. And the interest rates will continue to be super low until the economy gets back on some sort of track. So recent reports have real estate booming in certain areas where available housing is scarce. Would be interesting to see the data of just how isolated or wide-spread the boom is.....
My sister closed on buying a house this week and sold her house this week as well. Most people did not lose their jobs. Unemployment is well below 10% again.
So hospitals will suddenly not be at 80-90% capacity?
The stats are greatly misrepresented, which you can verify for yourself on the CDC website, and the accuracy of tests are highly questionable. Pro sports are a prime example. How many false positives do we see where subsequent tests are negative? Nick Saban for example tested positive and the daily tests over the next 3 days were all negative, but Joe Blow can't get tested daily.
Infection mortality rates where COVID is the only cause of death is only 6% of the deaths listed as COVID deaths a .013% fatality rate (which happens to be the exact same as the flu if you're wondering). The average age of the deceased is 81 years if I recall correctly.
That being said, I'm not trying to downplay the seriousness of COVID or detract from those who lost someone. It is a serious virus and dangerous, especially for those who are immunocompromised, but I also believe in reporting accuracy. Obviously mistakes have been made, particularly by Cuomo in NY, and we are learning as we go. I hope a vaccine is indeed ready by the end of the year.
If Covid affects the housing community, it will be because shutdowns tanked the economy.
As my boss pointed out yesterday, hospitals and ERs normally run at a fairly high capacity--they wouldn't be viable operations otherwise. Many of the them were overrun just a few years ago from the flu.
The WFH model was really beginning to catch fire in the late 90's and early 2000's, as the universal value, content and communications potential of the internet began to be realized. The trend has moved steadily upward since then and 'spiked' in 2020 with COVID-19 and stronger, online conferencing tools. To complement that, the U.S. economy largely migrated away from production/manufacturing to an information-driven society. However, significant corporate tax and regulation changes (not COVID) have improved the climate for U.S.-based manufacturing, but, non-corporate-friendly election results could bring that to a screeching halt!
Depending on the election results, there will either be a continued increase the RE demand for industrial manufacturing and distribution space (swinging the WFH trend the other direction); --- or, it could tank, emptying-out much of the recovered space.
The growing demand for residential RE is likely to continue upwards if COVID lockdowns and inner-city riots ('protests'?) continue. Likewise, a longer-term 'remote learning spike' in education, will indirectly increase WFH demands, further reducing commercial office space demands. It's unclear how raw, undeveloped land might be affected by COVID, except, perhaps in increased demands for open, rural living or development space (?).
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