Looming Evictions May Soon Make 28 Million Homeless in U.S.
“We have never seen this extent of eviction in such a truncated amount of time in our history,” housing expert Emily Benfer said.
- The coronavirus pandemic could result in some 28 million Americans being evicted, one expert said.
- By comparison, 10 million people lost their homes in the Great Recession.
- Here’s what we can expect from this crisis.
The Second Jobs Apocalypse
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While round one was a swift reckoning that left 20.5 million Americans without a job after one month, part two will be a slow burn that sees millions more jobs lost as some businesses reduce headcounts and others shut down for good.
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In the first half of 2020, more than 3,600 companies filed for bankruptcy, according to legal services provider Epiq. Just over 600 filed in June, up 43% from June 2019.
How it works: The initial jobs apocalypse was due to the mandated and temporary closures of businesses across the country in an attempt to contain the coronavirus pandemic.
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Part two is the fallout from the decline in consumption that resulted and will likely include the wreckage from wide-ranging business closures and a reckoning for white collar jobs, experts say.
More than 100 U.S. companies that declared bankruptcy this year have blamed Covid-19 for at least part of their demise. t.co/3sYJfSrgnb
— Win Smart, CFA (@WinfieldSmart) July 10, 2020
On July 10, the St. Louis Fed Economic News Index was estimating #realGDP in Q2 of -33.46% at an annual rate. See FRED for details on how the “nowcast” is constructed: t.co/mU7KoeSwQw pic.twitter.com/K6Wrnsf0C4
— St. Louis Fed (@stlouisfed) July 10, 2020