According to Realtor.com, if the U.S. is not currently in a recession, it might be on the brink of one. Rising mortgage rates, bidding wars, and large numbers of investors recall the build up before the Great Recession in the early 2000s. But some economists speculate that the housing market won’t be the cause of another recession and could even help nudge us out of one. If the economy slips into a recession, mortgage rates are expected to fall and that should bring buyers back to the market, giving the economy a boost.
However, unemployment is still very low, at just 3.6% in June, according to the U.S. Bureau of Labor Statistics. Despite more companies rolling out hiring freezes and laying off workers, there are plenty of others still jockeying for employees. If the nation was in a recession, many more people would likely be out of a job—and businesses wouldn’t be complaining they can’t find enough candidates to hire.
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