The country is experiencing its worst bout of unemployment since the Great Depression.
The coronavirus pandemic has roiled the financial markets, disrupted the global supply chain, and resulted in an unemployment rate of 14.7% in April, according to the U.S. Bureau of Labor Statistics. As nonessential businesses have been forced to temporarily close to stem the spread of COVID-19, about 23.1 million Americans have found themselves furloughed or out of a job.
As dire as those numbers sound, the unemployment rate is likely much higher, in the range of 20% or more. That’s because the BLS looked at unemployment only for the week ending April 18. At least 7 million more Americans have filed for unemployment insurance since then, according to seasonally adjusted BLS data.
Since the housing market is closely tied to the economy, this painful period of joblessness will likely affect real estate.
“The numbers are terrible,” says