Day: June 23, 2020

The COVID-19 Recession Highlights a Wealth Divide Impacting Housing

Homebuyers with secure, high-paying jobs and access to cash and credit take advantage of low mortgage rates, as job losses disproportionately affect low-income and Black workers, already excluded from homeownership.

The impact of the coronavirus shutdowns on homebuyer demand has so far been short and muted, even in some of the cities that have been the hardest-hit by unemployment during the recession. This rapid recovery in demand is a strong indication that most people who were, and are, in the market to buy a home have escaped this recession relatively unscathed.

Although the current recession officially began in February,

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WA Residential Building Sector On The Road To Recovery

Western Australia’s residential building sector is likely to bounce back to pre-pandemic levels in the next year, according to latest forecasts from the Housing Industry Association WA. 

The peak body had expected a reduction in construction activity to hit the state by late June, but federal and state stimuli announced in recent weeks has led to a brighter outlook.

The association’s latest industry-wide survey of residential builders in the state shows the WA Building Bonus grants sparked a 132% rise in the number of groups visiting display homes.

WA’s residential building sector is tipped to bounce back to pre-pandemic levels

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