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Google data: coronavirus might spark US housing market crash

Summary: Even the Federal Reserve can't stop a crash of the US housing market caused by coronavirus

Anthony Garreffa | Mar 18, 2020 at 12:25 am CDT (1 min, 22 secs reading time)

It looks like things could go from (really) bad to unbelievably bad when it comes to the flow-on effects of coronavirus COVID-19.

Google data: coronavirus might spark US housing market crash 07 | TweakTown.com

Coronavirus could crash the entire US housing market causing trillions of dollars in damage, and affecting hundreds of millions of Americans. The latest data from Google Trends is a big indicator towards this, with Google searches of "unemployment benefits" shoot up.

Google data: coronavirus might spark US housing market crash 08 | TweakTown.com

As you can see from the Google Trends data on US-based users searches for "Unemployment Benefits" it has skyrocketed in the last week or so. But the issue is, it's not just searches for "unemployment benefits" that is concerning, because "can't pay rent" searches are surging, too.

The stock market went through its worst crash since 1987 on Monday, with CCN reporting that "many are worried the U.S. economy faces a treacherous road as it deals with the outbreak of the coronavirus" -- and rightfully so. There are millions of people who live week-to-week, and millions that are working in the 'gig economy' -- coronavirus is really stuffing things up big time.

In just 2019 alone, over $500 billion was paid in rent in the US -- if the market continues to spiral out of control and eventually crash, renters won't be able to pay their rent, and mortgage holders and homeowners won't either. It won't be a pretty picture, so the picture that Google Trends data is painting right now, can be a little scary.

Last updated: Apr 6, 2020 at 04:34 pm CDT

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Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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