The Great reopening is upon us. Similar to the stock market, you have the pandemic trade, which resulted in people wanting bigger homes away from the city, and now I think we are entering the reopening trade. Take the US, for example, which is arguably a month or two ahead of us. Most of the US is now fully open, people are emerging from their homes and eager to travel. House shopping is fading. US home Sales of existing homes in May dropped for the fourth straight month. “Sales are essentially returning towards pre-pandemic activity,” Realtors chief economist Lawrence Yun said. Mortgage applications continue to fall, now at their lowest levels since January 2020.
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