A paradox of this economic crisis is that while U.S. unemployment remains high, the net worth of American households may be at a record, thanks to the soaring prices of stocks and homes.
Underappreciated is the improvement in the pandemic situation in southern states that were hot spots just a month ago.
Already, apartment rents are plunging in cities such as San Francisco, Seattle and New York. But a significant constraint is going to be how much out-of-the-way communities are willing or able to grow.
We're seeing that there are meaningful differences between the last downturn and this one.