The novel coronavirus COVID-19 pandemic has exacted a huge toll on the global economy, no less in the US.<br />But as states begin to open up, economists at ING are sounding an optimistic note about the US housing market.<br />According to Business Insider, they predict the US will experience a V-shaped rebound in home sales: a steep drop followed shortly by rapid acceleration.<br />This week, to the surprise of economists, new home sales jumped 17% as buyers rushed back to the market.<br />Mortgage applications dropped slightly this week, but are a staggering 18% higher on the year and last week hit an 11-year high.<br />And while existing home sales fell 9.7% in May, the National Association of Realtors expects it was the low point before what's expected to be a solid rebound.<br />ING's chief international economist says home sales will boost the economy beyond the purchase of the home.<br />As people move to a new home they typically also spend money on new home furnishings, garden equipment...and a bit of home improvement. James Knightley Chief International Economist, ING
