U.S. real estate agents and lenders are bracing for the biggest housing crash in over a decade. Since the coronavirus spread and the American government shut down the nation's economy, Freddie Mac's quarterly real estate report is grim and says the U.S. housing market faces considerable challenges "amid economic uncertainty." Further, the NHB Wells Fargo Housing Index otherwise known as the Homebuilders sentiment has seen the largest drop since 2012.
Toward the end of March, news.Bitcoin.com reported on a number of analysts and market strategists predicting the U.S. housing market would crash to 29-year lows. The blame, of course, has been directed at the adverse effects of the coronavirus and the government's response to the situation. At the time, American lawmakers closed down the economy by shutting down numerous 'non-essential' businesses. One industry that's feeling the stress from the financial hardship is the U.S. housing market. The reason stems from people who are scared to purchase homes and real estate agents can't do property showings either. Further, over 22 million Americans are unemployed to-date and a slew of homeowners can't pay their mortgages. Adding more fuel to the fire is the fact that a great number of landlords are struggling too because renters cant pay their rent.