Inside the Economy: Overdue Rent and the First Wave of Debt

This week on “Inside the Economy”, we focus on the increasing amount of overdue rent and the current global debt situation. Over 11 million people have fallen behind on rent as the economy is still coping with the pandemic. There is a trend of Americans increasingly tapping into their home equity, is this a result of COVID-19, high home values, or low interest rates? In uncertain times, investors tend to collect cash, how have bank assets changed in the last 12 months? Debt accumulation has increased substantially compared to past years. Which countries have been acquiring the most debt in 2020? Tune in to hear about all this and more!

 

Key Take-aways:

• 11.4 million people currently owe on average $6,000 in back rent
• Home equity withdrawals have hit the highest rate in 12 years
• Community banks’ assets grew 11% and commercial banks’ grew almost 15% this year
• Global manufacturing is picking up
• Canada, Japan, United States and China have seen the largest increase in total debt this year