Last week the GDP report came out and it was up 7.4%. This was a good sign for the economy and a matter I was worried about. Even though presently the real estate market is going strong, a decrease in the Gross Domestic Product will eventually hit our industry as more workers may have be laid off as well as the closings of many businesses.
However, we are not out of the woods yet. America still needs the next stimulus package as well as putting a rein on the increasing amounts of cases of COVID that is presently developing in many states.
The Wall Street Journal had another good article on the Real Estate Market concerning renters not being able to make the monthly payments and owners (investors) eventually foreclosing on their properties. Again, this event also warrants the need of a 2nd stimulus package.