It looks like things could go from (really) bad to unbelievably bad when it comes to the flow-on effects of coronavirus COVID-19.
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.
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: Jun 16, 2020 at 04:29 pm CDT
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