Home sales paused during the novel coronavirus pandemic — and a new study shows just how much.
Economic uncertainty and lockdown measures prompted 22 million Americans, or 9% of the U.S. population, to delay buying a home during the coronavirus pandemic, according to a new study by Bankrate, a New York-based consumer financial services company.“If there’s one thing we have an abundance of right now, it’s uncertainty. And economic uncertainty is at the top of that list.
“Mortgage forbearance continues to be prevalent, which is highlighting that there is some risk associated with buying a home — although not to the extent we saw in the financial crisis,” said Hamrick. Although the share of loans in forbearance has been declining for a month, some 4.2 million homeowners were still in forbearance on their mortgage loans for the week ending July 10, according to the Mortgage Bankers Association.
Americans are delaying car purchases more often because “buying a car is something that more people do,” and thus, have been more frequently delayed, said Hamrick. “Americans tend to own a car before owning a home …and most of us will own more cars than homes in our lifetimes.”
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