Millions of Americans may face evictions soon. Deadline is tomorrow.
This is the full article as per themalaysianreserve.com Millions of Americans could find themselves homeless starting Sunday when a nationwide ban on evictions expires. This wave of evictions come as rental housing is in high demand in the hot real estate market.
US President Joe Biden urged Congress to extend the 11-month-old eviction moratorium, after a recent Supreme Court ruling meant the White House could not extend the measure through September as intended.
The Centers for Disease Control and Prevention (CDC) ordered the eviction moratorium in September 2020, as the world’s largest economy lost over 20 million jobs amid the pandemic shutdowns. The CDC feared increasing homelessness would boost coronavirus infections.
With businesses able to reopen, more than half of those lost jobs were recovered. However, many families still have not caught up on missed rent payments. The Census Bureau’s latest Household Pulse survey through the first week of July showed that of 51 million renters surveyed, 7.4 million were behind on their rent and nearly half of those said they were at risk of being evicted in the next two months. The article is a very long one and provides even more details. Article here yeah: themalaysianreserve.com
Moratorium is on eviction, not on mortgage payment
The reason it’s on eviction and not mortgage is because these people were renting and not paying a mortgage. However, what has happened is that the eviction will start happening this Sunday (tomorrow) because the court has not allowed for extension and most states are also not having their own protection for these renters from being evicted.
This article is not to discuss how lucky we are versus many of these Americans but this is to remind everyone again that when we could, it’s best to buy and start paying mortgage versus renting. Yes, rental seems cheaper but the issue is that all the extra savings we have from the difference in renting versus buying, we spent it all.
When unforeseen circumstances happen, we suddenly realise that whatever rental we paid no longer belong to us. Not even a single cent. Anyway, all the best to these millions of Americans. Hopefully, there is a last minute measure by the American government to extend this eviction protection for a few months. Let’s see what happens tomorrow.
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