Record-Low Mortgage Rates Drive V-Shaped Recovery in Housing
08/21/2020
In yesterday’s commentary on initial jobless claims we noted that the uptick in claims fit the narrative that the economic recovery was stalling. Recent reports on housing offer a dramatic counterpoint to that narrative. Existing home sales followed up June’s +14.6% advance by rising a record +24.7% in July, easily topping forecasts as the annual sales pace climbed to 5.86 million units, the highest since late 2006.
