Lawrence Yun, the National Association of Realtors Chief Economist released the following statement today:
“The Federal Reserve slashed interest rates to near zero, which should have a positive impact on the housing market. The monetary policy change is the same one applied a decade ago during the Great Recession – the lowest rates combined with quantitative easing. This is an all-out measure to prevent a recession and fight the fear that is blanketing the country. It is the right policy, since the policy can easily be reversed should a vaccine be discovered or the virus go away.
“During the last recession, real estate was on wobbly ground with loose lending and too much supply. Today, there is no subprime lending and too little supply. The real estate market will hold on much better.”