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Analysis

What Really Drove Pandemic Homebuying Was Financial Benefits

These findings may mean mortgage rate increases have an even bigger effect on the housing market.

The explanations have been all lined up. During the pandemic, people and their families that were cramped in apartments while working and studying from home decided enough was enough. They needed more space. People who could now work from anywhere decided, “Why not?” And they moved to what they thought would be more pleasant surroundings.

At least, that was the story. Some research on the part of Fannie Mae suggests something quite different. What drove the flood of homebuying wasn’t the aesthetics of pandemic life, although that was something of a factor. The real driver was money.

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Erik Sherman

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