According to a recent MReport, there was a survey distributed by asking homeowners if they believe that an economic downturn has arrived and if it will influence their thoughts on home buying. The survey found that 36% of potential buyers believe the U.S. has entered into a recession. The survey was conducted between February 28th to March 22. Of the respondents who took the survey after March 11th, 36% said we are already in a recession. In addition, 31% believed the U.S. will enter a recession in the next three months. Before March 11th, only 14% of the respondents believed the U.S. was already in recession, and 11% thought it would come in the next three months. The survey also found that 43% of those surveys after March 11th and 35% of those polled before March 11th claimed they are more likely or somewhat more likely to buy a home during a recession.   

However, those that are still considering buying a home are very optimistic. The survey revealed that a majority of home buyers don’t expect a recession to have a significant effect on home prices. According to Danielle Hale, Chief Economist at, “Their optimism likely comes from expecting low mortgage rates and fewer other buyers to compete with as well as the possibility of home price declines. Some of these expectations are more realistic than others.” Contrastingly, research by John Hopkins’ Coronavirus Resource Center found that 54% of Americans are concerned about their finances, according to a study by LendEDU. LendEDU stated, “Widespread delinquency or default would have severe implications on the economy at large. In an attempt to combat this, we have seen the Trump Administration waive further accruing interest on student loans and suspend all evictions and foreclosures until April for FHA-insured mortgages.”

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