Looming Evictions May Soon Make 28 Million Homeless in U.S…. The Second Jobs Apocalypse Incoming… More Than 100 U.S. Companies That Declared Bankruptcy This Year

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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.

 POINTS
  • 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

  • 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.

  • 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.

  • 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.

 

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