June 22. Home sales in the US secondary market in May decreased by 9.7%, worse than forecast
Today in the United States published a report of the National Association of Realtors (NAR), traditionally important for the dynamics of the US dollar in the context of the crisis caused by the coronavirus pandemic. According to recent data, home sales in the secondary market in May fell by 9.7% compared with April, to 3.91 million.
Analysts polled by Reuters expected a 3% drop in the number of such deals, to 4.12 million.
In addition, the share of distressed real estate in this market in May amounted to 3%, which generally corresponds to the level of April, but above 2% in May 2019. Sales of single family homes amounted to 3.57 million, in monthly terms there was a decrease of 9.4%, in annual terms – by 24.8%.
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June 23. Economists significantly worsen German GDP drop forecast this year
The Council of Economic Experts under the German government has adjusted the forecast for German GDP for the current year downward. Now economists expect the country's economy to collapse by 6.5% in 2020.
Council Chairman Lars Feld said the coronavirus pandemic will lead to the worst collapse of the German economy in the entire existence of the Federal Republic. At the same time, Feld suggests that the German economic recovery will presumably begin in the summer, and a return to growth – in early 2021. The return of economic indicators to the levels before the pandemic begins is expected only in 2022.
Recall that earlier economists considered a five-week lockdown and a 2.8% reduction in GDP the most likely scenario. In the worst case scenario, experts predicted a collapse of the economy in 2020 by 5.4%.