A Real Estate Property consist of mortgage loans and the ability to repay mortgage loans is dependent on a person’s income as well as its ability to repay. Should there be job losses and if unemployment rises, there might be an increase in foreclosures of properties. Tomorrow, the unemployment rate for April 2020 will be released by the U.S. Bureau of Labor Statistics. It will hit a peak this country has never seen before, with data representing real families and lives affected by this economic slowdown. The numbers will alarm us. There will be headlines and doomsday scenarios in the media. There is hope, though, that as businesses reopen, most people will become employed again soon.
Last month’s report indicated we initially lost over 700,000 jobs in this country, and the unemployment rate quickly rose to 4.4%. With the release of the new data, that number will climb even higher. …





