If you have listened to any commercial on the radio or watched one on TV, then you’ve heard 2020 described in the same ways. You’ve heard this year described as unprecedented, difficult, or trying times. The pandemic has overshadowed everything and the most normal thing about 2020 is the consensus that this year has been abnormal. In fact, a lot of it has been downright horrible. Hundreds of thousands of Americans have lost their lives. Millions of Americans have lost their jobs. Plans have been cancelled and dreams have been deferred. However, while it is impossible to downplay the tragedy of these events, there have been some silver linings to 2020. The team at Peoples Choice Mortgage is here to take an accounting of 2020 and look at the good, the bad, and everything in between.  

Bad: Hundreds of Thousands of Lives Lost

The coronavirus pandemic has been the dark cloud over 2020 that just will not let up. Since the start of the pandemic over 300,000 lives have been lost in the United States alone. Because of this pandemic spouses no longer have their soulmates, kids no longer have their parents, and best friends are without their partners in crime. Tragically, we still haven’t seen the end of it. The United States just broke a grim record with over 3,700 deaths from COVID-19 within a 24-hour period. To make matters worse, the number of cases is rising. In places like California, everyday seems to be a new record of positive cases and now have more infections as a state than most countries. This surge in cases is filling up hospitals all over the nation and straining the very fabric of our healthcare system. 

There is no sugarcoating this aspect of 2020. It is sad. It is tragic. And, our heart goes out to everyone who has lost someone that they know and love. The toll of this pandemic is overwhelming and we will be grieving as individuals and as a nation for a long time. 

Bad: Millions of Jobs Lost

The coronavirus pandemic has not only taken hundreds of thousands of lives, but it has also taken away millions of jobs. As the virus started to spread around the nation, states and counties imposed various lockdowns on different industries in order to control its spread. This hit some industries harder than others. In April, more people were unemployed than at any time since the Great Depression. As restrictions were lifted, many people were able to return to work. However, unemployment still remains high with data for November indicating that about 6.7% of Americans still cannot find work. With restrictions returning to many parts of the nation, it is likely that these numbers may begin to climb again. 

The loss of jobs has dire consequences for millions of Americans. Before the pandemic many people were living paycheck-to-paycheck. This has made it hard for many to make sure their families have food and basic necessities. It has also led to millions of Americans falling behind on rent and mortgage payments. Thankfully, state governments and the federal government have passed various moratoriums on evictions and foreclosures. Absent these moratoriums, millions of Americans would be on the streets. Again, this is something that doesn’t have a silver lining. Our only hope is that we can put this pandemic behind us as soon as possible and that those without jobs can get back to work. 

Good: Vaccines are Here

The good news of 2020 is that we are finally starting to see some light at the end of a very dark tunnel. This week, the United States began distribution of the first approved vaccine for the coronavirus from Pfizer. A second vaccine from Moderna is on its way to getting approval for distribution in the very near future. These two vaccines are scientific wonders. They were developed in less than a year, which is the fastest a vaccine has ever been produced. Even more importantly, both of these vaccines have shown to be over 90% effective in preventing serious infection.

 Although it will take months for these vaccines to make their way to everyone who wants one, they provide hope. They provide hope that even though we are in the darkest days of the pandemic, they will be over soon. We will no longer have to fear for the safety of our loved ones. They also provide hope that millions of Americans can return to work and we can return to spending time with friends and family. 

Good: Resourcefulness and Ingenuity 

For most Americans, many aspects of our lives were disrupted by the pandemic. In different places and at different times, offices were shut down and so were schools. Whole businesses and school districts had to find new ways of running companies and educating children. Fortunately, Americans are resilient and Americans are innovators. Entrepreneurs and teachers all over this country found new ways to make sure that goods and services continued and children were educated. Instead of classrooms and boardrooms, we turned to Zoom rooms. That’s not to say that this transition went on without a hitch. However, businesses, governments, and schools rolled with the punches and found ways to continue their calling. 

Good: The Real Estate Market

While many aspects of the economy were hit hard by the pandemic, real estate was not one of them. Many expected the shutdowns to cause a housing crisis as bad or worse than 2008, but that did not happen. Instead, the real estate market defied expectations and skyrocketed throughout the year. Much of this was due to the Federal Reserve slashing interest rates to stimulate the economy. This in turn caused mortgage rates to drop to historic lows. 

These rock bottom mortgage rates have been one of the true silver linings of 2020. They have allowed first time homebuyers to afford new homes. They have allowed existing homeowners to refinance their current mortgage to save thousands over the life of their loans. It also led to a huge demand on houses that has pushed housing prices up from where they were last year. The increase in housing prices means that many pre-pandemic homeowners are now flush with equity. This is truly a blessing. Home ownership and equity is one of the most common assets for Americans and can be the cornerstone of building intergenerational wealth. While this does not make up for all of the tragedy of the pandemic, it is a good thing that we can hang our hat on.

Mixed Bag: Working from Home

Although the resourcefulness of business owners and teachers is to be commended, not everything about working and schooling from home is perfect. Our homes are now being asked to accommodate more than they ever have before. Instead of being places where we sleep, eat, and watch some TV, our homes are now offices, classrooms, and gyms. For this reason, many Americans have decided to take advantage of low mortgage rates and buy bigger homes. 

Working from home is a mixed bag for us at Peoples Choice Mortgage, too. On the bad side, we worked hard to expand our offices throughout the state of Massachusetts to offer our clients top notch service. We upgraded our headquarters and we were proud of what our team was able to do for those who want a new mortgage or want to refinance their current loan. On the good side, we took a page from countless other industries and learned to adapt. We quickly restructured how we work as a team, how we work with clients, and how we can deliver quality service from our homes. We may never get back to our teched out offices because we have adapted and our productivity has been at all time high, but that doesn’t change that occasionally we miss that 8am commute. We now have more tools than ever to serve our clients no matter where we are. This new found freedom and accountability will surely benefit us long after the pandemic. 

Final Thoughts

While we do not want to sound like every other commercial you hear on TV or the radio, what they say is true. 2020 is an unprecedented year. These times have been trying. They have been difficult. However, every day we are proving as individuals, as businesses, and as a nation that we will push forward and overcome. Our sincere hope is that 2021 is far better than this year and that we can finally put this pandemic behind us. But, no matter what happens, we know that whatever challenges we face, we will be able to meet the moment. Before we leave, we want to leave you with a little something that helped us get through this year. One of the benefits of working from home was that we got to listen to our favorite music. So, we created a playlist of our team’s favorite songs of 2020. We hope this playlist brings you as much joy as it has us.