Home prices climb to record in pandemic

Tens of thousands of buyers dove into the housing market this spring and summer even as the coronavirus upended the U.S. economy. The presence of these buyers, plus a sharp drop in the numbers of homes on the market, drove home prices to record highs in most parts of the United States

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August 14, 2020 - 2:42 PM

NEW YORK (AP) — A renter most of his adult life, Clarence Swann became fearful that landlords would use the coronavirus pandemic as an excuse to gouge their tenants. So, with a desire to move near family, the retired veteran bought his first home last month at the age of 74. 

Swann said he used his veteran status to get the loan he needed to buy a $196,000 townhouse this summer in the Lake Wylie, South Carolina area. 

“The first need at my age was I wanted stability,” he said. 

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