Real estate markets look to blockchain as COVID-19 pressures industry
A number of industries are being negatively impacted by the COVID-19 pandemic, including the United States housing market, which is valued at $33.6 trillion. Recent findings from Zillow, an American online real-estate database company, show that despite low mortgage rates, the coronavirus has slowed down the U.S. housing market considerably.
In addition, the number of seriously delinquent mortgages — those which are 90 days past due — has doubled from May to June, hitting its highest level in more than five years. In an attempt to revitalize the housing market, some real estate companies are turning toward blockchain concepts, such as tokenization and smart contracts, to replace traditional processes.
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