I think people are likely to get laid off in the near future. I see local restaurants closing. Companies expected a full reopening, but it doesn't seem like there will be a full reopening for at least a few months, so I think small businesses will continue close or lay off employees over the next few months. This is what I think - let me know if you think otherwise.

On the other hand, interest rates are low. This makes buying a house attractive.

What happens when a bunch of people buy houses, and many of them are likely to get laid off in the next few months? It means they will default on their mortgage, right?

Another thing is that there was supposed to be a housing market crash earlier but there wasn't anything major because the government is artificially preventing this from happening through legislation. For example, a mortgage forbearance program which is set to expire soon. This means even though the housing market has already dipped a little, housing prices are still inflated. Will the government be able to prevent the mass forclosures for as long as the COVID restrictions continue, or will there be a major housing market crash in the near future?