What happens to real estate when COVID-19 busts state and local budgets?

Mortgage & Real Estate

As COVID-19 starts to loosen its grip on some of the nation’s coastal cities and begins a relentless march across the parts of the nation it hasn’t walloped yet, the rest of America is set to find out what happens to neighborhoods when the full force of the pandemic comes to town.

When the virus sickens large numbers in a community, costly services from first responders spike as residents call for help, much like a natural disaster. But unlike a hurricane or an earthquake, a pandemic isn’t over in a few hours or a few days. The economic disruptions go on for longer, reducing revenue sources like sales and income taxes that fund those services.

So far, the impact has mainly been felt in so-called Blue States that tend to support Democrats.

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