The Supreme Court just blocked the CDC's Eviction Moratorium. Will this cause a Housing Crash across America as record numbers of Evictions and Foreclosures occur? Home buyers and real estate investors want to know.
According to data from the US Census Bureau, 4.6 million adults across the country believe they will be either evicted or foreclosed in the next 2 months. Many of these people are significantly behind on their rent/mortgage payments and do not believe they can make it up.
Landlords and real estate owners have not been allowed to evict non-paying tenants since September 2020 due to the CDC Eviction Moratorium. But on August 26th the Supreme Court overruled this Moratorium, making it legal for landlords across the US to evict.
Many are now concerned that there will be a massive wave of evictions - and eventually foreclosures - that turns the US Housing Market Bubble into a Housing Crash. While this is a possibility, it could occur in some states and cities before others.
Renters and home owners across the Sun Belt - in real estate markets such as North Carolina, South Carolina, Tennessee, Florida, Texas, and Louisiana - believe that they have a higher risk of eviction and foreclosure than other parts of the country. This means that the Housing Crash could be coming to these states first.
Additionally, there are local rules and regulations regarding evictions. Seven states - including California and New York - have their own eviction moratoriums. As do several cities, including Austin and Minneapolis.
Austin's local eviction ban appears to have been more impactful than the federal one. Evictions in Austin over the last year are down a massive 88% according to Eviction Lab. Meanwhile, a city like Tampa is only down 10% in its evictions year over year.
It's likely that cities and states which have suppressed evictions more during the pandemic will have a bigger boomerang effect and eviction surge as the federal and local moratoriums lift.
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0:00 No More Eviction Moratorium
1:21 4.6 Million Fear Eviction / Foreclosure
3:09 Eviction Deluge Coming?
4:30 State by State MAP
7:09 CRASH coming to Sun Belt?
9:10 Austin Weekly Evictions
11:40 Dallas Weekly Evictions
13:20 30 Cities Eviction Decline
15:58 Where will get hit HARDEST?
18:09 BREAKING: Reventure Newsletter
#HousingCrash #EvictionMoratorium #HousingBubble
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