November 26. 2020

Joe Biden

A new report stated, "Almost 18 million adults are behind on mortgage, rent payments. CDC suspension on evictions is slated to expire at end of 2020." As a consequence "millions of Americans expect to lose their homes" due to coronavirus (Covid-19). This is sad.

America is currently in the worst financial crisis in the nation's history. It is also the worst mortgage crisis on record in the nation. I have warned about this since March and now it is happening (March 28, 2020: The Coronavirus Is Posing A Massive Threat To The American Economy and May 25, 2020: U.S. Economy In Recession Due To Coronavirus).

The homelessness rates have shot up in America over the past several weeks. It will only become worse next month and in the New Year, due to how the government, namely Congress, has handled the financial crisis emanating from the coronavirus (Homelessness In America Is Increasing Due To Coronavirus).

President-elect Joe Biden and company do not have the wherewithal to fix this enormous, unprecedented medical and financial crisis, which has greatly damaged the economy. America has never faced anything like this before and its place in the world is falling.

In the March 28, 2020 article "The Coronavirus Is Posing A Massive Threat To The American Economy" I stated, "the coronavirus outbreak has the potential to strip away America's position as the top economy in the world and cause it to fall by the wayside" and 8-MONTHS later that is exactly what is occurring. The government did not see it coming and did not believe the economy would tank like this. Financial experts in the mainstream press are dumbfounded by what has occurred.

STORY SOURCE

Millions of Americans Expect to Lose Their Homes as Covid Rages

November 23, 2020, 4:21 PM EST - Almost 18 million adults are behind on mortgage, rent payments. CDC suspension on evictions is slated to expire at end of 2020. Millions of Americans expect to face eviction by the end of this year, adding to the suffering inflicted by the coronavirus pandemic raging across the U.S.

About 5.8 million adults say they are somewhat to very likely to face eviction or foreclosure in the next two months, according to a survey completed Nov. 9 by the U.S. Census Bureau. That accounts for a third of the 17.8 million adults in households that are behind on rent or mortgage payments.

Percentage of adults living in households not current on rent or mortgage where eviction or foreclosure in the next two months is either very likely or somewhat likely. The CARES Act, signed into law last March, allows homeowners to pause mortgage payments for up to a year if they experience hardship as a result of the pandemic. Borrowers who signed up at the start of the program could face foreclosure by March.

The Centers for Disease Control and Prevention’s nationwide temporary suspension on evictions -- aimed at stemming the spread of coronavirus -- is slated to end Dec. 31. The timing is far from ideal given millions of people are also set to lose their unemployment benefits at year-end without an extension from Congress.

https://www.bloomberg.com

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