Despite Demand – 2020 Home Buying is Pulling Back

Ten years ago, the United States was still in the throes of the Great Recession, in practice, if not in fact, and real estate suffered more than most industries. Nearly 9 million Americans lost their jobs, and at least 10 million people lost their homes to foreclosures or short sales. Within four years, nearly 50 million Americans were living in poverty. A year ago prices had started to stagnate or even fall in formerly hot markets, like parts of New York, Southern California and Dallas, while prices in Chicago, Las Vegas and other markets hard hit by the Great Recession were still where they were in 2006. (Some homes in Chicago are now selling for less than the owners paid even 20 to 25 years ago.)

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