As the coronavirus pandemic threatens financial markets and sends the economy into a potential recession, those who lead mortgage firms must take swift action to prepare for the worst. The last time the financial markets suffered such a precipitous drop was during the 2008 Great Financial Crisis. “The decline in confidence related to the direction of the economy coupled with the unprecedented measures taken to combat the spread of COVID-19, including major social distancing efforts nationwide, are naturally bringing an abundance of caution among buyers and sellers,” said Lawrence Yun, chief economist for the NAR in a release. “With fewer listings in what’s already a housing shortage environment, home prices are likely to hold steady.