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Think about it, if a husband and wife are out of work right now they are getting an extra $4,800 a month from the federal government in addition to their state unemployment. What's going to happen come July 31st when that $4,800 vanishes???
If you were a first time home buyer, would you just wait till like Oct/Nov if you can to make sure the house market doesn't start to slide as a result?
Right, but do we think that's not going to impact the whole economy? That's $4,800 less people have to not only pay their bills, but to spend to stimulate the economy. Once that ends wouldn't we start to see more layoffs again?
Not everyone got stimulus money even with below average income in 2019. They are making do with savings. Remember those savings we were encouraged to set aside? Good thing we did it.
If you don’t have at least 6 months of living expenses in the bank right now I’d hold off buying a house.
That's just a bonus is some states you can still claim regular unemployment. If you have no job try applying at Walmart of McDonalds or the supermarket or Home Depot or other places that did not shut down.
Think about it, if a husband and wife are out of work right now they are getting an extra $4,800 a month from the federal government in addition to their state unemployment. What's going to happen come July 31st when that $4,800 vanishes???
If you were a first time home buyer, would you just wait till like Oct/Nov if you can to make sure the house market doesn't start to slide as a result?
Foreclosures don’t happen instantly like evictions. Even in the fastest state- Virginia, I believe it takes more than 200 days. In the slowest state, Indiana, it takes almost 4.5 years.
People who have solid employment now can buy a home. Whether it is wise to do so depends on the market conditions in the area. Some areas had a steep rise, while others really haven’t had much change in years.
Right now it is hard to see how many people will lose jobs permanently. Most states are now starting to open up again and many non-essential workers who cannot work from home are slowly able to go back to work. There are opportunities available for people who need them though. I know in my state I got an ad on the COVID-19 text line a few days ago to go online if you are interested in becoming a contact tracer. Certainly if you are out of work, that is a good opportunity you could do from home if you have a private area where you can make calls.
As others have pointed out, regular employment benefits will also be available. Hopefully if people are making more than they make in a typical week, they are putting some aside for when those benefits expire.
People will have to take whatever jobs they can get. Fortunately, i work in supermarket retail. I have job security.
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