A. I believe wholeheartedly that we are not. The conditions today are vastly different than the conditions we faced heading into our last recession. In the late 2000’s, we were facing an unstable banking system, homeowners using their homes as ATMs and becoming highly leveraged and a national surplus of housing inventory. That recession was fueled by the housing crisis. The situation is very different today. The banking industry and homeowners learned their lesson. Over one third of homeowners own their homes out right and over 25% of those with a mortgage have over 50% equity. We are also facing a national housing deficient with month’s supply of inventory well below a neutral market. Finally, the dollar volume being refinanced is ¼ the level of the prior recession. Also note, excluding the most recent recession (which was caused by the housing crisis), three of the last four recessions positively impacted housing prices. While the nation will see an economic slowdown from COVID-19, this does not equate to a housing crisis.