*Many states put in non-eviction temporary laws. Some have expired. Some are still going I believe.
*Small businesses received aid.
*Almost everyone in the middle class received a stimulus check.
*Tons of people were making more at home for weeks because it paid more than going to work.
Were you not aware of all that? This kept many a people afloat for months.
Right, people earning 40% of their income for the last 4 months. In addition, again, median home prices are up 11%. If you honestly thought that you weren't going to be able to continue making your mortgage payments, why wouldn't you just sell now? You clearly don't understand what the last recession was about and how it was caused.
There are a plethora of reasons why some markets are hot right now. Many of which have already been discussed.
Almost nobody forecasted the housing market to get this hot in some markets during Covid. Like the stock market, the housing market can sometimes be unpredictable. Mainly because so many different factors go into what makes markets hot and cold.
The market is up in Vegas and tons of people lost their jobs in the last few months. So the local economy is not necessarily directly tied to the CURRENT state of a housing market. That housing market could come crashing down in 12 months when all the foreclosures start hitting the market.
As stated, you clearly don't understand what caused the last recession. Housing markets are up all over the country. You might want to take a read of that article I posted. It'll explain it to you better. This is a much tighter market now with much more restrictive lending standards. People are not underwater on the mortgages like they were in 2008. Do I expect there to be another recession? Of course. But do I believe prices will go back to levels like 2010? Absolutely not.
What caused the last recession could be somewhat irrelevant. What could cause recessions or depressions in the future could be different that what caused recessions in the past.
If you don't understand that multiple lockdowns which in turn could cause (and have) tons of middle class Americans to lose their jobs and/or businesses.. Which in turn could lead to a recession... Then maybe you clearly don't understand simple economics.
