Despite apparent normalization, closer examination of the US housing market suggests a number of COVID-19 related structural challenges. This time around, it is the feedback loop from dislocation in the real economy to the US housing market that is the main problem, rather than the reverse, as it was in 2008. Therefore, the first challenge is the impact from the spike in unemployment. This caused a surge in mortgage loans in forbearance, as borrowers who are furloughed, or unemployed, accessed the support offered by the CARES act, allowing payments to be deferred or reduced for up to 12 months. Historically, mortgage delinquencies have been strongly correlated with the US unemployment rate.