Is the Real Estate market really not going to take a hit?

[Account Closed]

I have been watching the last 4 months in absolute awe. Unemployment is through the roof, businesses are going bankrupt, most people are staying home not spending money yet the stock market and Real Estate market are doing great. The US government has done a lot to try and curb the effects that Covid has had on the economy but can it last? The housing market in my local market, Richmond, VA, is red hot. Interest rates are super low and the inventory is low so I feel those two factors are carrying the market for now but how long can that last? We have already seen a steep decline in higher end properties across the nation. I fear people are being lured into a false sense of security with the current market conditions and are not preparing themselves for the fall out. Thoughts?

[Nick C.]

There will be more foreclosures activity but there will still be more demand than supply. Everyone waiting around for another 2009 apocalypse is going to be very disappointed.