November 21, 2020

In US, booming real estate market highlights rich-poor divide

Washington (AFP) – The US real estate market is booming even as the coronavirus crisis intensifies, and the seemingly insatiable appetite for new and older homes has sent prices soaring — meaning more and more families with modest incomes are seeing their dreams of owning property shattered.”It very much is a tale of haves and have nots,” said Dana Scanlon, a property agent in the Washington area.In a bid to mitigate the economic crisis provoked by the pandemic, the US Federal Reserve slashed interest rates in March to near-zero.As Scanlon explains, “that gives a very big boost to buying powe…


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