As we all know, 2020 was a rough year for the entire world. With almost all of the world quarantining, job security had become scarce. Some Americans struggled to pay rent and mortgages. The US congress issued an order to ban landlords from evicting tenants who have fallen behind on payments.
The governor announced that the eviction ban will be extended until October 3rd, 2021. Landlords have taken the biggest hit during this time. Without income from at-risk tenants, they are in debt. This could lead most landlords in this situation to be late on mortgage payments. From the tenant's side, if they are unable to pay the missed payments they will be at risk of having an eviction on their credit record; Making it hard to find housing afterward.
What Happens Next?
Once the ban is lifted, tenants are expected to pay back rent, unless they’ve come to some other agreement with their landlord. My prediction is that the market will be stacked with homes for sale, due to the pandemic. This may be the best time to buy a home.