“This time, housing is a casualty of a public health crisis turned economic, not the cause of an economic crisis.”
This article is a thorough examination of the housing price index for 2020. Released by First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services, and risk solutions for real estate transactions.
Many in the housing market still bear the scars of The Great Recession, however, there are distinct differences between this outbreak and the previous recession.
In 2008-2009, the housing market was the primary reason for the recession, but this time the housing market is poised to be a driver in bringing us out of it.
One key difference between 2008-2009 and our current situation is that the housing market is not overvalued today as it was then. Additionally, the market is under-built as opposed to overbuilt and equity is at historical highs.