Brookings Mountain West
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The COVID-19 pandemic has disrupted virtually every part of the U.S. economy in the past year, and wreaked havoc on people’s daily lives. Housing markets are no exception. Millions of renters have fallen behind on their rent, fearing eviction while accumulating debts they cannot pay. At the same time, prices for owner-occupied housing have soared while the inventory of for-sale homes has plummeted. In this brief, we analyze several measures of housing distress from 2007 to 2019 for six metro areas, chosen based on their housing and labor market characteristics. Los Angeles, Riverside, Las Vegas, and Phoenix were among the areas hardest hit by foreclosures. Job markets in Las Vegas, Orlando, and New Orleans depend heavily on tourism and hospitality industries, which are disproportionately suffering in the public health emergency. How housing markets in these metros recovered from the Great Recession offers some guidance for what to expect over the next few years.
Homeownership; Recession; COVID-19; Las Vegas; Phoenix; Riverside; Los Angeles; Orlando; New Orleans
Economic Policy | Public Affairs | Real Estate | Urban Studies
The Housing Market and the COVID-19 Pandemic: Implications for Las Vegas, Phoenix, Riverside, Los Angeles, Orlando, and New Orleans.
Available at: https://digitalscholarship.unlv.edu/brookings_policybriefs_reports/3