Life after CoronaVirus

OP
PenTurner
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The sad thing about this is that it is going to get worse before it gets better. Those who lost their jobs won't be buying as much, which will impact other businesses which will in turn lay off more people. The housing market will tank further as we see more foreclosures. At this point all we can do is to save what what money we can, grow what food you can.
 

Hop Sing

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I really don't understand economics, but read that one result of this mess will be deflation, where prices of goods actually go down. This leads to people putting off buying things and an over all downturn on the economy. Hopefully, someone smarter than me will explain it better.
 
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I really don't understand economics, but read that one result of this mess will be deflation, where prices of goods actually go down. This leads to people putting off buying things and an over all downturn on the economy. Hopefully, someone smarter than me will explain it better.
The problem with that.. is that right now, Congress is trying to spend so much more money, that the Dollar value/strength goes down, so prices wouldn't necessarily go down, but go up... however, the value of goods and services may indeed go down.
 

ATCclears

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The WSJ article may be paid content. I've included a few snippets.

Buckle in.


A key factor has been the Cares Act, passed by Congress in late March. It lets homeowners whose loans are backed by Fannie, Freddie, the Federal Housing Administration and the Veterans Administration suspend payments for up to a year even without giving proof of hardship. As of last week, 4.75 million people had done so, representing about $1.04 trillion of unpaid principal, according to Black Knight.


Yet when he sought a new loan this month, his lender said it wouldn’t approve a new loan because he had sought forbearance in the past 12 months. That upended his plan of buying a home closer to Minneapolis, where he works as a union carpenter.

“Basically, there’s a notch mark on my credit report saying the word ‘forbearance,’” he said. “It totally stopped our plans and turned our lives upside down.”


Historically, 30-year fixed mortgage rates hover around 1.7 percentage points above the 10-year Treasury yield. That spread is now 2.6 points, implying the mortgage rate should be closer to 2.5% than 3.3% now.


 

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