Washington, D.C. — The National Association of Realtors announced their most recent data on new and existing home sales this morning and things weren’t looking good as newly evicted people just aren’t buying homes.
“2020 was obviously a challenging year,” said NAR representative Morgan Fauld. “People all over the US faced unprecedented job-loss and hardship and you’re starting to see those people getting evicted from their homes. The real issue is these people refuse to buy a house, instead opting for moving in with family or homelessness. I’m sure they could buy houses if they want but they’re deferring this purchase while they wait for more clarity on the future.”
“This dip really caught us off-guard,” said economist Darrell Pence. “It’s not completely clear why, but many people seem to be choosing living on the street vs. owning as it carries lower fixed costs and is a generally easier lifestyle to maintain.
With the unemployment rate still hovering near double digits and the pace of evictions rising, Pence doesn’t see a lot to be optimistic about. “We’re forecasting multiple months of flat to even slightly slower growth as all these people scrape enough money together to put down payments on a home. Anybody evicted from their home is now saving so much money that it’s not long before they should completely be able to reverse their position.”
While it’s hard to say when this will turn around, shares of camping supplies manufacturers and retailers have surged as this new ‘live outside’ trend takes hold across the nation.