According to Logan Mohtashami, a columnist with Housewire.com, last Wednesday’s Mortgage Banker Association applications data, confirmed a full V-shaped recovery in the housing market. Mohtashami said, he wanted to see four straight weeks of double-digit year-over-year growth before he could officially use the term “V-Shaped Recovery. Saying that it proves a continuation of the trend in purchase applications from the time before the COVID-19 pandemic. “We achieved that in spades”, Mohtashami said. This has been the hottest four-week period of double-digit growth we have seen in a while when compared to the same time last year. The MBA report shows the year-over-year growth for the last four weeks has been +18%, +13%, +21% and +18%, the highest 4-week moving average for 2020. But it is not all sunshine and roses, Mohtashami in his article goes onto say that going forward (June to January), expect total volumes to fall but always focus on the year-over-year data to account for the trending demand.
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The V-shaped recovery continues for housing market