How the Covid-19 pandemic created a US housing boom | Money Masters

How the Covid-19 pandemic created a US housing boom

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The Covid-19 crisis has simultaneously caused a recession and a $2.2 million rise in the value of American homes. The fear, uncertainty and restrictions on movement that followed the outbreak of Covid-19 have had some serious economic side-effects, including a rise in unemployment and a global recession. 

 

However, the pandemic has supercharged the US housing market. According to Bloomberg, home-buying mortgages reached its highest peak last year since 2006. Meanwhile, mortgages for repeat and second property buyers hit their highest peak for a decade and first-time buyers took on more debt than ever before. 

However, the pandemic has supercharged the US housing market. According to Bloomberg, home-buying mortgages reached its highest peak last year since 2006. Meanwhile, mortgages for repeat and second property buyers hit their highest peak for a decade and first-time buyers took on more debt than ever before. 

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