30% of Americans missed their housing payments in June. U.S. bank profits plunge 70% on coronavirus loss provisioning. Continuing claims are not dropping.

30% of Americans missed their housing payments in June

As the United States continues to face record unemployment due to the coronavirus pandemic, 30% of Americans missed their housing payments in June, according to a survey by Apartment List, an online rental platform.

That’s up from 24% who missed their payment just two months earlier in April and about on par with the 31% who missed payments in May. Renters, younger and lower-income households and urban dwellers were the groups most likely to miss their housing payments, Apartment List found.

At the same time that this “historically high” rate of Americans are missing their housing payments, eviction protections put in place at the beginning of Covid-19′s spread in the U.S. are beginning to expire. Additionally, the current 30 million unemployed Americans will lose the extra $600 per week in federal unemployment benefits at the end of July.

U.S. bank profits plunge 70% on coronavirus loss provisioning

WASHINGTON (Reuters) – U.S. bank profits fell by 69.6% to $18.5 billion in the first quarter of 2020 from the year prior as banks felt the economic impact of the novel coronavirus pandemic, according to data from a banking regulator.

The Federal Deposit Insurance Corporation reported that “deteriorating economic activity” caused lenders to write off delinquent debt and set aside billions of dollars to guard against future losses. Over half of all banks reported a profit decline, and 7.3% of lenders were unprofitable.

Continuing claims are not dropping. pic.twitter.com/jEBFrGc1FL

— Market Musings (@AndysCycles) June 18, 2020