Real Estate

Housing market should ‘cool off’ later in year, Moody’s economist Zandi says

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The housing sector has been one of the most resilient areas of the economy during the coronavirus downturn, but the Moody’s Analytics chief economist Mark Zandi said Tuesday he expects the growth to moderate later in the year.

Sales of new homes last month rose nearly 13% year-over-year, according to the Census Bureau. But Zandi said the sector will weaken as some of the government aid and regulations used to prop up the economy expire. 

“The confluence of high unemployment and the end of the forbearance measures means that we’ll get more defaults and ultimately more foreclosures, more foreclosure sales, and that’ll put some weakness into the housing market,” he said on CNBC’s “Power…



Source cnbc.com

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