Millennial Debt This Week: July 24

  • With the extra $600 benefit of unemployment expiring at the end of the month, and the economy still lagging, it's all but certain that Congress will pass some kind of extension to additional unemployment benefits. 
  • Right now, the biggest risk to a deal getting passed is a lack of coordination or cooperation between the Republican and Democratic parties in office. 
    • This is entirely possible, but seems like the less likely outcome. 

  • I like Curbed a lot, and feel like they always have a ton of great real estate information in general, but this title is a little deceiving and click-baity. 
    • Home prices likely will fall, but I'm not expecting anything close to what we saw in 2008. 
    • If home prices fall, most believe that it will be due to the expiration of the government aid that's keeping many people from defaulting on their mortgages. 
      • I don't think mass mortgage forclosure is something either political party wants to see, so they'll do whatever they can to keep things going.
    • I believe that we actually may see an increase in home prices in suburban areas, and a commensurate decrease in home prices in large cities in the short-term. 
    • Many suburban areas are still seeing homes sold extremely quickly, and if we're feeling the impact from the coronavirus for an extended time, then those looking for homes will be more likely to look for homes with extra space, and a yard, as opposed to a smaller condo which is closer to nightlife (which is closed) and events (that are cancelled). 
    • If I were looking to buy a home right now, I'd focus on my local market. If the market is hot and it's tough to get a deal, I'd wait. If home prices are affordable as-is, then there's no sense in waiting.