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M R EP O RT | 25 COVER STORY chase applications increasing on a week-over-week basis for the fourth straight week. It seems some buyers are not deterred, just delayed in this year's spring homebuying season." Kaminski said it is the hope that consumers can safely get back to work sooner rather than later, especially within the industries that were hit the hardest. "As states and counties move to re-open, we will be watching the impacts closely. But I think we now have a better gauge of the duration to expect and what some of the potential ripple effects to the economy really are," he said. Kushi observed that the longer this pandemic continues, the more likely it is the economic fallout re- sults in a prolonged recession and high unemployment. This could cause demand and the number of sellers willing to put their homes on the market to drop. "But remember, buying and selling a home is a lifestyle and financial decision, and for those that feel financially confident, they will continue to pursue homeown- ership," she said. Hale said Realtor.com's forecast calls for sales s to fall by 15% an- nually in 2020, with home prices growing just 1.1%. "We expect the second quarter/ spring of 2020 to bear the brunt of the COVID-19 impact, with some improvement in the sales pace in late summer and fall before an- other decline as the market adjusts to ongoing infections and weaker overall economic growth," she said. Khater said it is difficult to gauge how long this pandemic will last, as many within housing and mortgage are trying to understand the depth of the recession. "Home sales that hit a trough in mid-April with sales dropping by about a third. However, sales began to slowly rebound in mid- May. Currently, purchase demand is almost on par with where it was a year ago, which is remark- able given that other segments of the economy are experiencing much larger declines with only a moderate recovery so far," he said. Buege said there are two sides to the historic moment. Some have, and will continue to be, hurt finan- cially by COVID-19, while others escape the pandemic unscathed. "Fortunately, many remain only minimally impacted or not at all, although their confidence may have been set back," he said. "As these people regain confi- dence, they will move forward. The housing market may be a bit bumpy for a while, but we expect a positive housing market the rest of this year and into next." A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experi- enced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record- Chronicle" over the past several years. . A graduate of the University of Alabama, MIKE ALBANESE has worked for news publica- tions since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, and sports and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the Pilot Point Post-Signal and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the Dallas Morning News and the Denton Record- Chronicle over the past several years. SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport