Money Matters: Economists say we’re in a recession and the housing market struggles with new listings

According to a recent survey, 45 economists say the United States is already in a recession.

A survey from the National Association for Business Economics found that economic growth fell 2.4% in the first quarter, and will decline to 26.5% in the second quarter.

With a surge of job loss, consumers are spending less which, of course, is hurting the economy. Consumer spending accounts for roughly 70% of economic growth.

There is a light at the end of the tunnel.

Economists predict the economy will bounce back during the second half of 2020.

Home listings are down

According to Zillow, new home listings are down 27% compared to last year.

Zillow says the drop is especially noticeable in cities hit hard by COVID-19.

As of April 5, new listings were down nearly 57% in New York City.

Austin, Texas and Atlanta were the only two cities examined by Zillow that saw a rise in home listings.

The real estate industry is considered essential in Colorado. However, showing a property or conducting an open house should be avoided.

Realtors around the country are turning to virtual tours and 3D videos to try and sell a home.