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In a typical year, just under 4,000,000 evictions are filed each year, 25% of tenants spend half of their income on rent, and every night in our country 200,000 people sleep in their cars. 1 million to 1.3 million actually go through. So you have about a 25-33% chance of seeing an eviction filing go all the way through the process. Most tenants just end up leaving or resolving the issue, in normal times that is.
President Trump’s Eviction “Ban” / Executive Order / Executive Memorandum section at stake is this:
Sec. 3. Response to Public Health Risks of Evictions and Foreclosures. (a) The Secretary of Health and Human Services and the Director of CDC shall consider whether any measures temporarily halting residential evictions of any tenants for failure to pay rent are reasonably necessary to prevent the further spread of COVID-19 from one State or possession into any other State or possession.
And the memorandum can be found here:
The latest estimates from the New York Times expects 10-15 million evictions: nytimes.com/2020/08/07/business/economy/housing-economy-eviction-renters.html and here’s what that might mean for WHEN we might see prices decline and how much they might decline.
The big danger might be: What if we see an eviction crisis lead prices to decline and THOSE declines lead to panic selling? Add in inflation, and you have the perfect storm.
00:00 The Eviction Crisis.
12:15 The Price Impact.
17:43 The Odds.
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