US housing boomed in 2020 even as pandemic slammed economy

Washington (AFP) – The US housing market boomed in 2020 even as the coronavirus pandemic caused one of the worst economic contractions of modern times, as Americans took advantage of low borrowing rates to buy homes. The surge in new and existing home sales, and home construction, underscores the unequal experience of the pandemic across the United States. Even as tens of millions of people lost their jobs due to the pandemic disruptions, others were able to afford major property purchases. And it serves as a stark contrast to the 2008 global financial crisis, when mortgages were at the center…

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HEDGE accordingly