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How coronavirus is impacting the housing market

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How coronavirus is impacting the housing market

How coronavirus is impacting the housing market

The coronavirus is sweeping across the nation while infecting hundreds of thousands of people and crippling our economy.

One question raised is how it is impacting housing.

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Is sweeping across the countryã infecting hundreds of thousands of people and crippling our economy.

But how is it impacting housing?

Action news now reporter karen alvarez is live in redding---karen, what trends are experts noticing?

Barker says just last month--- almost 240 homes were soldãdown about 60 from march last year.

Barker says there are several contributing factors--- mortgages changing, a higher unemployemnt rate&but the big one is the coronavirus causing people to rethink their housing plans.

About 60% of our pending for the month happen in the first two weeks and that second two weeks was about forty percent of the contract.

Buyers out there still resilient, they're wanting to take advantage of the low interest rates, there's some optimism that this will obviously come to pass like all things do overtime.

# barker tells me he's noticed a lot of people are buying now because interest rates are low and there's less competition& in the market right now for those hot properties.

In redding, karen alvarez, action news now, coverage you can count on.

Until recently--- the california association of realtors had suspended open houses due to coronavirus concerns, with many agencies switching to virtual showings.



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