This week we saw a record 3.28 million Americans file for unemployment, the highest number of claims ever filed in a single week. 

The high number of job losses, and people unsure about the future of their employment and economy, is likely to hit an already unstable housing market hard.

Even those who are not experiencing immediate financial impact are unlikely to buy a house anytime soon and many sellers are expected to remove their house listings until we are in a more stable environment. 

However, the good news is that real estate prices are likely to stabilize and retain their value. 

“This time around, there is a severe shortage of housing for sale. Builders haven’t been putting up enough homes to meet demand for years. And there isn’t likely to be a huge wave of foreclosures because borrowers are in better financial shape. Plus, the federal and many state governments, along with some banks, are rolling out forbearance and other programs to help Americans who’ve lost their jobs stay in their homes. This is all likely to stabilize prices.”

Read the full article here.