Single Family Housing, Durability Will Help Endure the New COVID-19 Normal

Extreme measures many state and city governments have taken to slow the spread of the coronavirus (COVID-19) are taking a tremendous financial toll. Overall, the U.S. economy has slowed to a crawl. Unemployment is rising at a record pace. Credit conditions are stressful for almost all sectors of the municipal bond market. Monetary and fiscal policy has tried to dampen the impact. Nonetheless, rating agencies are hitting municipal credit across almost all sectors with warnings in the form of lower sector and issuer outlooks. Rating downgrades are also beginning to emerge.

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