“COVID-19 cases are on the rise and there is increasing likelihood of a further impact on economic activity, which may trigger a corresponding increase in unemployment in impacted industries,” says First American Chief Economist Mark Fleming.
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The decision to rent or to buy was once a question of finances and lifestyle preferences, but the coronavirus pandemic has added yet another complex layer to the equation for many Americans.
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The latest jobs report shows improvement, with another 638,000 net job gains and the unemployment rate slashed to 6.9%.
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Home sales soared 20.9% year over year to 6.5 million in September, according to the National Association of Realtors.
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Four months into the pandemic, the 120-day delinquency rate for July spiked to 4.1%, the highest rate in more than 21 years and double the December 2009 Great Recession peak.
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