[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3o3odosttrgp8":3,"$ffeh0925h8cuz":38,"$f2emv3tus0uf1":42,"$fbwk2pqjjqsc7":46},{"item":4,"previous":26,"next":32},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":24,"updatedAt":25},1641,"is-a-recession-here-yes-does-that-mean-a-housing-crash-no","Is a Recession Here? Yes. Does that Mean a Housing Crash? No.","On Monday, the \u003Cem>National Bureau of Economic Research\u003C\u002Fem> (NBER) \u003Ca href=\"https:\u002F\u002Fwww.nber.org\u002Fcycles\u002Fjune2020.html\">announced\u003C\u002Fa> that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the \u003Cem>Bureau\u003C\u002Fem> defines a recession this way:","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F09161136\u002F20200610-KCM-Share.jpg","On Monday, the \u003Cem>National Bureau of Economic Research\u003C\u002Fem> (NBER) \u003Ca href=\"https:\u002F\u002Fwww.nber.org\u002Fcycles\u002Fjune2020.html\">announced\u003C\u002Fa> that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the \u003Cem>Bureau\u003C\u002Fem> defines a recession this way:\u003C!--more-->\r\n\u003Cblockquote>\u003Cem>“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nEveryone realizes that the pandemic shut down the country earlier this year, causing a “significant decline in economic activity.”\r\n\r\nThough not surprising, headlines announcing the country is in a recession will cause consumers to remember the devastating impact the last recession had on the housing market just over a decade ago.\r\n\r\nThe real estate market, however, is in a totally different position than it was then. As Mark Fleming, \u003Cem>Chief Economist\u003C\u002Fem> at \u003Cem>First American\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fwhy-the-housing-market-may-weather-coronavirus-impact-better-than-the-great-recession\">explained\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nFour major differences in today’s real estate market are:\r\n\u003Col>\r\n \t\u003Cli>Families have \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F05\u002F06\u002Fwhy-home-equity-is-a-bright-spark-in-the-housing-market\u002F\">large sums of equity in their homes\u003C\u002Fa>\u003C\u002Fli>\r\n \t\u003Cli>We have \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F06\u002F02\u002Fhome-prices-its-all-about-supply-and-demand\u002F\">a shortage of housing inventory\u003C\u002Fa>, not an overabundance\u003C\u002Fli>\r\n \t\u003Cli>Irresponsible lending \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2019\u002F11\u002F14\u002Fthis-is-not-2008-all-over-again-the-mortgage-lending-factor\u002F\">no longer exists\u003C\u002Fa>\u003C\u002Fli>\r\n \t\u003Cli>Home price appreciation is \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F03\u002F04\u002Freal-estate-is-soaring-but-not-like-2008\u002F\">not out of control\u003C\u002Fa>\u003C\u002Fli>\r\n\u003C\u002Fol>\r\nWe must also realize that a recession does not mean a housing crash will follow.  In three of the four previous recessions prior to 2008, \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F03\u002F20\u002Fa-recession-does-not-equal-a-housing-crisis\u002F\">home values increased\u003C\u002Fa>. In the other one, home prices depreciated by only 1.9%.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nYes, we are now officially in a recession. However, unlike 2008, this time the housing industry is in much better shape to weather the storm.","\r\nYes, we are now officially in a recession. However, unlike 2008, this time the housing industry is in much better shape to weather the storm.",false,[16,20],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},6,"For Sellers","sellers","2020-06-10T10:00:33Z","2020-09-28T17:01:14Z",{"id":27,"slug":28,"title":29,"featuredImage":30,"publishedAt":31,"contentType":10,"isVideo":14},1640,"real-estate-will-lead-the-economic-recovery","Real Estate Will Lead the Economic Recovery","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F06\u002F08171644\u002F20200609-KCM-Share.jpg","2020-06-09T10:00:14Z",{"id":33,"slug":34,"title":35,"featuredImage":36,"publishedAt":37,"contentType":10,"isVideo":14},1642,"are-you-ready-for-the-summer-housing-market","Are You Ready for the Summer Housing Market? 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