Harriet Torry
speaker
611 appearances
11 recordings
1 series
first heard Sep 2017
last heard Dec 2024
Harriet Torry’s voice in public audio — every appearance, attributed to the second.
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Appearances
This is the big unknown question and a result of that is that people are kind of cautious about putting their homes on the market and then of course some people are also shying from buying a new house because you've seen the unemployment that like 33 million people have lost their jobs since the start of the pandemic and that's definitely a big you know a big reason to hold off from a huge purchase like buying a new home.
Well, house prices have actually, they increased in all regions in March compared to the year earlier, but the strongest price gains were seen in the Northeast and the Midwest.
Yes, of course.
And the thing is about the housing market is that house prices are extremely slow moving.
So, you know, if you're selling your house and you see that somebody on your street sold your house for this amount, you know, three months ago or six months ago, and then the economy suddenly takes a massive downturn,
you might be reluctant to price your house much lower because you know these things tend to take a very long time to filter through the economy and um i think the housing market after the great recession bottomed out quite a few you know it was several years after the recession officially ended so this this is a an area of the market that definitely operates with a lag and we are still the data that we're seeing is from extremely you know an extremely early point in the coronavirus shutdown but is mortgage forbearance a wild card in all this
It could be potentially.
One of the reasons why in the last recession, you know, after the last recession, there was a lot of sort of foreclosure sales and very, very low prices.
And we saw this massive drop in overall home prices was because people had to foreclose on their mortgages.
And at the moment, I think in April, as of the end of April, only about 7.5% of home loans were in forbearance.
And that is expected to keep climbing.
But, you know,
It's really too early to say how defaults are going to play out in this downturn compared to the previous one.
Thank you.
There are definitely fears that this could disrupt global supply chains and travel at a time where the manufacturing industry was already struggling quite a lot.
2019 was a pretty difficult year for the manufacturing industry, particularly the second half of the year.
And so at the turn of the year, there were sort of hopes that the manufacturing industry would be picking up.
And indeed, there was some data out on Monday morning from the Institute for Supply Management that said that their manufacturing index, the PMI, rose back into growth territory in January, having had five straight months of contraction.
So that was the manufacturing sector in the US is sort of poised to do a bit better.
Of course, there's this big question mark now related to the coronavirus, because there are definitely fears that this could disrupt global supply chains and travel at a time where the manufacturing industry was already struggling quite a lot.
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