“It’s getting lost because of COVID-19,” he says. (FOX 2) - Six months into the pandemic and the strength of the real estate market in Michigan right now may be surprising to you. “Forty-three percent of CEOs surveyed were more confident about their growth prospects for the economy than before the pan, demic,” Voigt says. Still, while automakers can produce cars, the economy has to be healthy enough for people to be able to buy those vehicles. Lower-income households are bearing the brunt of the temporary furloughs we’re experiencing. All residence hall contracts are legally binding and cannot be cancelled. This is good news for real estate investors looking to buy a rental property in a strong housing market. “How quickly will people return to previous comfort levels with restaurants, bars, gyms, and theaters? By August, the state had recovered over 50 percent of the lost jobs, and we currently expect that number to rise to 70 percent by the end of the year. “There are significant hurdles we have to get through for the remainder of this year,” Dye says. It began arriving on U.S. shores in late January and, within two months, the jobs economy transformed into frontline, virtual, or nonessential positions. “My expectation is that next year (car sales) will come back, (and there will be) a gradual increase by the second quarter. “The 2021 outlook for the housing market is highly uncertain,” Manaenkov says. msn back to msn home money powered by Microsoft News "Buyers are probably getting very tired of everybody in our industry telling them they have to have patience on one hand, they need to be persistent. Eviction Moratorium Could Protect Millions Of Texans But Foreshadows ‘Rough’ 2021 For Housing Market. Business leaders, meanwhile, are somewhat bullish on a national economic recovery. “However, even those measures have an expiration date,” he says. As of July 27th, the multi-family rent … “The ‘slower recovery’ industries consist of leisure and hospitality, retail trade, and other services. It’s a low-population-growth state, so knowing who’s moving in and moving out has implications for political representation and government programs. Pre-COVID, the jobless rate was at a 50-year low of 3.5 percent. Area economists say the county is well-positioned for growth and they expect it to experience a faster job recovery than the state, owing to its educated population, high share of managerial and professional jobs, and attractive standard of living. “It absolutely was a crisis in March, and necessitated an emergency response by the state government and the federal government. Thus, it might be better to wait until 2021 when the market is expected to cool down further.” Regardless of the outcome of the Nov. 3 presidential election, many economists say they don’t foresee a major change in policy that would affect an economic recovery in 2021. They're comfortable; they've done the home improvements and they're good. As of just a couple weeks ago, Detroit’s housing market was robust. Also, 83 percent of CEOs surveyed want to lock in the sustainability and climate change gains they’ve made as a result of the crisis.”. Prospects for a strong economy in 2020 were dashed in the first quarter when the coronavirus became more than just China’s problem on the evening news. There’s a cohort of people whose jobs haven’t been negatively affected by the virus, and (they’ll) be able to take advantage of the low interest rates and buy cars.”. “By August, the state had recovered over 50 percent of the lost jobs, and we currently expect that number to rise to 70 percent by the end of the year,” McWilliams says. Existing Home Sales Rebound. “We forecast the Michigan economy to continue its recovery in 2021, but at a more gradual pace. — Michael McWilliams, economist, University of Michigan. The Accuracy of the Trend Prediction for Michigan is 78%. “Unlike most prior downturns, the current contraction doesn’t represent any glaring weaknesses in the economy per se, but rather the result of policies designed to contain the spread of the virus,” stated a Michigan House Fiscal Agency report in May. It simply depends on where you are, what business you’re in, and what part of the economy you’re connected to.