Even as millions of renters fear losing their homes, the housing market has become a bright spot in the economy — and could even drive its recovery.
The Trump administration said Tuesday it is implementing a national four-month moratorium on residential evictions. It goes into effect Friday and will run through Dec. 31, applying to individuals earning less than $99,000 a year and who are unable to make rent or housing payments. The move comes after Republicans and Democrats in Congress failed to reach a deal on another coronavirus rescue package.
“We are only delaying this huge build-up in rental debt and the precursor to eviction. We still need rent relief from Congress to solve the underlying economic conditions," says Gilman."Once rent comes due after the holidays, the circumstances for millions of Americans likely will not have changed." “The value many Black families have missed out on because they were impacted by systemic racism in housing could have been passed down to children and grandchildren, paying for things like higher education, childcare, starting a business and down payments on their own home," Taylor Marr, economist at Redfin, said in a note.
Homebuying is typically a spring and early summer affair, but this year it was delayed because of the pandemic, experts say. Roughly 59% of homeowners have already completed at least $500 worth of home upgrades during the pandemic or plan to before the end of the year, according to a recent survey from Bankrate.
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