Under normal circumstances, a crisis of this proportion would trigger almost an immediate collapse, but an unequivocal fiscal & monetary response has stemmed the tide of an imminent danger… at least for the time being. With easy money available in the form of lower interest rates, direct payments to consumers and payment deferrals on almost all debts including mortgages, the housing market has held its own.

However, it would be interesting to see how things pan out as the initial stimulus wanes and the unemployment benefits run out. Things could quickly go south. The biggest factor would still be unemployment and a sizeable proportion of people who have lost their jobs for good might end up triggering a housing decline.

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