According to two separate articles from the Wall Street Journal and Pulsenomics, which surveyed economists and analysts, they are predicting that we are heading into recession by the end of 2019. We don’t know exactly what impact it will have.
As we know, a recession is when the economy slows up. It’s an economic decline in trade and industry activity; however, it’s really important to understand that a recession does not necessarily equate to a housing crisis, but obviously, when we’re in a “recession,” we most likely won’t be seeing the huge gains we’ve seen from therecession, which has been the second greatest recovery in American history.
With a recession, interest rates are anticipated to go up, which means that over the life cycle of owning a mortgage, a new home, that you’ll be paying more over the life cycle of the loan. Although the prediction of this recession, which obviously isn’t right around the corner, please rest assured that I’ll be here to pass on any and all information that I am learning as I am learning it regarding this recession and how it could possibly affect the housing market.
⚠️If you have any questions about Real Estate in East Contra Costa County or wondering what this Market Update means for your home specifically, call me or text me at 925-325-4663 or email me at Krista@kristahomes.com ⚠️
Krista Mashore with the Mashore Group!
Market Update – July 2018