Turning the corner, but the future remains unclear
As 2020 comes to a close, one thing becomes clear in the rearview mirror: this year has left an indelible mark on the world, the nation and the real estate industry. What is less clear is what 2021 will bring. At the time of writing this, it certainly feels as though the world is turning a corner, but it is less certain what we will find around the bend.
The COVID-19 pandemic and associated economic downturns pushed the United States into a deep recession with a startling suddenness. And we are looking ahead to what may be a long, dark winter, as new cases are rising almost everywhere in the country and governments are once again contemplating additional restrictions in an effort to slow the spread of the disease. According to the Centers for Disease Control, as of Nov. 11, there have been 10.17 million cases of COVID-19 and 239,590 deaths.
The dramatic impact of the pandemic has meant this past year was one for the record books: the second quarter saw the worst-ever U