RE/MAX of Greensboro & PartnersRE/MAX of Greensboro & Partners

Triad Real Estate: Greensboro, High Point, Kernersville, Winston Salem

RE/MAX Partners: 336.854.2400
RE/MAX of Greensboro: 336.854.0500
My Account Login | Register
  • Menu
  • Home
  • Search Homes For Sale
  • Home Valuation
  • Meet Our Agents
  • the Blog
  • Join RE/MAX
  • Contact Us

The Pain of Unemployment: It Will Be Deep, But Not for Long

The Pain of Unemployment: It Will Be Deep, But Not for Long | Simplifying The Market

There are two crises in this country right now: a health crisis that has forced everyone into their homes and a financial crisis caused by our inability to move around as we normally would. Over 20 million people in the U.S. became instantly unemployed when it was determined that the only way to defeat this horrific virus was to shut down businesses across the nation. One second a person was gainfully employed, a switch was turned, and then the room went dark on their livelihood.

The financial pain so many families are facing right now is deep.

How deep will the pain cut?

Major institutions are forecasting unemployment rates last seen during the Great Depression. Here are a few projections:

  • Goldman Sachs – 15%
  • Merrill Lynch – 10.6%
  • JP Morgan – 8.5%
  • Wells Fargo – 7.3%

How long will the pain last?

As horrific as those numbers are, there is some good news. The pain will be deep, but it won’t last as long as it did after previous crises. Taking the direst projection from Goldman Sachs, we can see that 15% unemployment quickly drops to 6-8% as we head into next year, continues to drop, and then returns to about 4% in 2023.

When we compare that to the length of time it took to get back to work during both the Great Recession (9 years long) and the Great Depression (12 years long), we can see how the current timetable is much more favorable.The Pain of Unemployment: It Will Be Deep, But Not for Long | Simplifying The Market

Bottom Line

It’s devastating to think about how the financial heartache families are going through right now is adding to the uncertainty surrounding their health as well. Hopefully, we will soon have the virus contained and then we will, slowly and safely, return to work.

Content previously posted on Keeping Current Matters

Posted in: For Buyers, For Sellers, Housing Market Updates

Quick Home Search

Post navigation

« How Technology is Helping Buyers Navigate the Home Search Process [INFOGRAPHIC]
What’s Ahead For Mortgage Rates This Week – April 20th, 2020 »

My Account Login

Recent Blog Posts

Home Buyer Guide - Winter 2021

Home Buyer Guide - Winter 2021 Are You Thinking About Buying a Home? The process of buying a home can be overwhelming at times, but you don’t need to go through it alone. You may be wondering … Continue reading...

Some Highlights There are a few key things to make sure you avoid after applying for a mortgage to help make sure you still qualify for your loan at the closing table. Along the way, be sure to … Continue reading...

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with … Continue reading...

At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their monthly … Continue reading...

Search The Blog

Search for:

News, Tips & Advice

  • Around The Home (272)
  • Baby Boomers (2)
  • Buying Myths (10)
  • Chapter 7 Bankruptcy (1)
  • Consumer Tips (1)
  • Credit Scoring (1)
  • Demographics (6)
  • Distressed Properties (8)
  • Down Payments (10)
  • Federal Reserve (29)
  • FHFA (2)
  • Financial Crisis (1)
  • Financial Reports (135)
  • First Time Home Buyers (56)
  • For Buyers (151)
  • For Sellers (146)
  • Foreclosure (1)
  • Foreclosures (9)
  • FSBOs (6)
  • Gen Z (2)
  • Generation X (2)
  • Giving Back (3)
  • Happy Thanksgiving (1)
  • Holidays (5)
  • Home Building Tips (5)
  • Home Buyer Tips (198)
  • Home Buying Tips (1)
  • Home Care (3)
  • Home Decorating (2)
  • Home Financing Tips (4)
  • Home Maintenance (1)
  • Home Mortgage (3)
  • Home Mortgage Tips (134)
  • Home Ownership (2)
  • Home Seller Tips (162)
  • Home Selling Tips (27)
  • Home Tips (1)
  • Home Values (6)
  • Homebuyer Tips (6)
  • Homeowner Tips (7)
  • Housing Analysis (184)
  • Housing Market (18)
  • Housing Market Updates (97)
  • Infographics (39)
  • Interest Rates (45)
  • Investment Properties (1)
  • Just For Fun (2)
  • Luxury Market (2)
  • Market Outlook (148)
  • Millennials (5)
  • Mortagage Tips (5)
  • Mortgage (87)
  • Mortgage Guidelines (19)
  • Mortgage Rates (150)
  • Mortgage Tips (11)
  • Move-Up Buyers (66)
  • New Construction (7)
  • News (74)
  • Personal Finance (26)
  • Pricing (48)
  • Rankings (2)
  • RE/MAX Buyer & Seller Tips (1)
  • RE/MAX of Greensboro (17)
  • Real Estate (309)
  • Real Estate 101 (10)
  • Real Estate Definitions (3)
  • Real Estate Tips (43)
  • Real Estate Trends (2)
  • Rent vs. Buy (8)
  • Selling Myths (11)
  • Selling Your Home (1)
  • Senior Market (2)
  • Short Sales (1)
  • Statistics (2)
  • Taxes (3)
  • The Economy (20)
  • Time-sensitive (7)
  • Uncategorized (6)

Home Buyer Tips

Looking For A Major Lifestyle Change? Consider Buying A ‘Micro’ Home

With the cost of a home on the rise and the concept of being sustainable becoming more popular, many people are considering moving to a smaller home to minimize their impact. It’s important, however, to consider what living small is really like before deciding that it’s the right move for you.

Around The Home

The Basic Home Security Checklist Every Home Needs

Did you realize that only around 17 percent of the homes in the United States have a security system? Leaving your residence unprotected can come back to haunt you in the future.

Home Seller Tips

Selling Your Home FHA? Learn These Tips To Ensure A Smooth Closing

Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property. While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.

© 2021 · Greensboro Real Estate Inc. dba RE/MAX of Greensboro & RE/MAX Partners

Terms of Use | Privacy Policy | *Affiliated Business Notice

Each Office Independently Owned and Operated.
Greensboro Real Estate Inc Supports Equal Housing Opportunity
*Affiliated Business Notice

Click for the BBB Business Review of this Real Estate in Greensboro NC
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok