With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago.
Over the past year, the pandemic made it challenging for some homeowners to make their mortgage payments.
There has been a lot of discussion as to what will happen once the 2.3 million households currently in forbearance no longer have the protection of the program.
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic.
If you’re looking for a home to purchase right now and having trouble finding one, you’re not alone.
There have been a lot of headlines reporting on how homeowner equity (the difference between the current market value of your home and the amount you owe on your mortgage) has dramatically increased over the past few years.
Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year.
According to the latest report from Black Knight, Inc., a well-respected provider of data and analytics for mortgage companies, 6.48 million households have entered a forbearance plan as a result of financial concerns brought on by the COVID-19 pandemic.
Earlier this month, the Bureau of Labor Statistics (BLS) released their most recent Jobs Report.
At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their monthly mortgage payments.
If you’re currently feeling the stress of affording your mortgage payment, or if you know someone who is, there’s still time to get help.
There seems to be some concern that the 2020 economic downturn will lead to another foreclosure crisis like the one we experienced after the housing crash a little over a decade ago.
As the current forbearance mortgage relief options come to an end, many are wondering if we’ll face a foreclosure crisis next year.
Many housing experts originally voiced concern that the mortgage forbearance program (which allows families impacted financially by COVID to delay mortgage payments to a later date) could lead to an increase in foreclosures when forbearances end.
Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners were immediately concerned about being able to pay their mortgages, and understandably so.
Originally, some housing industry analysts were concerned that the mortgage forbearance program (which allows families to delay payments to a later date) could lead to an increase in foreclosures when forbearances end.
With the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway.
The health crisis we face as a country has led businesses all over the nation to reduce or discontinue their services altogether.
With all of the havoc being caused by COVID-19, many are concerned we may see a new wave of foreclosures.
According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.”
CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day. With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire […]
The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report revealing that distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008. Below is a graph that shows just how […]
Recently, there has been a lot of talk about the size of the foreclosure inventory in the nation. There has been some speculation that distressed property inventories are about to skyrocket. Today, we want to reveal what is actually taking place in this segment of the housing market. CoreLogic, in their most recent National Foreclosure […]
![Foreclosure Rate Drops to Pre-Crisis Levels [INFOGRAPHIC] | Keeping Current Matters](https://files.keepingcurrentmatters.com/wp-content/uploads/2016/09/07161130/Corelogic-Foreclosure-KCM-ENG.jpg)
![Foreclosure Rate Drops to New Post-Crisis Low [INFOGRAPHIC] | Keeping Current Matters](https://files.keepingcurrentmatters.com/wp-content/uploads/2016/06/07162807/Corelogic-Foreclosure-KCM.jpg)