The Housing Crisis Of 2020: Millions Of Americans Missed Their Last Rent Payments, And Tens Of Millions Could Soon Be Evicted
Week after week we continue to get economic numbers that are absolutely horrific, and it appears that we are heading for a housing crisis that will be even worse than what we witnessed in 2008. Back then, millions of Americans lost their homes, but this time around it could be tens of millions. I know that a statement like that may sound overly dramatic, but I believe that many of you that feel that way may change your minds after reading this entire article.
In order to make rent and mortgage payments, Americans need paychecks coming in, and right now people continue to lose jobs at a pace that is hard to believe.
On Thursday, we learned that another 1.3 million Americans filed new claims for unemployment benefits last week. That was worse than expected, and it represented the 17th week in a row when the number of Americans filing new claims for unemployment benefits exceeded one million.
And as I keep reminding my readers each week, the all-time record for a single week prior to this year was just 695,000.
Overall, more than 51 million Americans have filed new claims for unemployment benefits over the last 17 weeks, and that is by far the largest spike in unemployment in all of U.S. history.
In fact, the numbers that we have been seeing should theoretically be close to impossible. In February, the number of Americans that were employed peaked at an all-time high of 152 million, and the number of people that have filed new claims for unemployment since that time represents more than a third of that total.