The spread of the novel coronavirus disease has resulted in the sales of existing homes to register a steep decline of 8.5% in March due to real estate activity getting stalled. There has been a fall from the sale of 5.76 million homes in February to 5.27 million in March.
With the oil prices also down, markets are getting double ended with both consumer segment and industry getting hit. This might add to likelihood of a more sever recession. Staples and health care are probably already overbought.