Economics
Frozen Housing Market Relies on Bargains and Desperation
- Closings done in parking lot exchanges of documents, pens
- Social distancing has frozen real estate activity for now
Photographer: Johnny Milano/Bloomberg
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Jim Morris is on the hunt for a South Florida mansion, at a bargain price. He’s got money to spend and few competitors house-shopping during a pandemic. He just needs to find a motivated seller willing to make a deal.
This is what’s left of the U.S. housing market. With stay-at-home orders canceling open houses and social distancing requiring no-touch closings, most buyers and sellers are deciding to just wait.