Hi and welcome to this week’s JHT Weekly Market Update!

The United States is currently experiencing the largest unemployment rate since ‘the great depression’ and the dramatic effects of this should not be understated. 

However, economic experts suggest that headlines claiming this pandemic is a repeat of the Great Depression are misleading statements and the “comparison does more to terrify than clarify.”

Last week the Bureau of Labor Statistics reports the current economic downturn caused the unemployment rate to jump to 14.7% of the Americas. 

The economic downturn we are seeing is a planned freeze of the market rather than a structural collapse, to allow the country to slow and eventually stop the spread of COVID-19.

Our country is taking every necessary measure to contain the virus and reopen the economy by this year, and in addition many are receiving unemployment benefits each week with an additional $600 a week, plus Trump’s $1200 stimulus check. Benefits like these were unheard of during the Great Depression.

Again, the pain of COVID-19 can’t be understated, but at face-value the pandemic will come to an end, and with that, the recovery of the economy.

To the current market overview of the areas of Fullerton, Cypress & La Mirada over the past 7 days shows there are 24 new listings on the market, 25 new contracts and 31 closings.

Stay tuned for our weekly video coming your way every Monday Morning!

Sources:
https://www.keepingcurrentmatters.com/2020/05/12/unemployment-report-no-need-to-be-terrified/