America's looming housing crisis
So far this month,
one third of Americans have failed to make their full monthly housing payments on time.
The figures were roughly the same last month and the month before that.
Similar numbers are being reported for automobile loans and credit cards.
Federal student loans have not been collected in months.
Around 10 percent of mortgages in this country have gone into forbearance.
Similar so-called "hardship" programs are locking in millions of people to terms with which they may or may not be able to comply next week, much less six months from now.
Defaults are going to pile up until practically the only people continuing to pay rent in this country will be the foreign tycoons sitting on former mom-and-pop storefronts in Manhattan
the coming avalanche of housing-related debt has been entirely predictable.
Even before the unilateral suspension of civilization brought unemployment to Great Depression levels,
the average American household had no savings or, on the eve of payday, liquid cash of any kind.
We don't solve problems in this country in normal times, when they are blinkeringly obvious.
We should not expect to do so in the middle of a crisis.
https://theweek.com/articles/924625/...0-art%E2%80%A6