Posts from March 22nd, 2022
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22
Will Foreclosures Flood the 2022 Real Estate Market?
In the beginning of 2020, when forbearance plans were announced and the pandemic swept across the country, a great deal of homeowners were told to pause their mortgage payments. Analysts had concerns that the housing market would suffer an influx of foreclosures in the wake of the mortgage forbearance program ending, as it did 15 years ago after the housing bubble.
Continue on to see why this time is different.
1. Fewer Homeowners are in Trouble
More than nine million households lost their home(s) during the last housing crash through foreclosure or short sale. Some expected the same would happen in today's climate.
However, current data shows that most homeowners have either: restructured their home loan in order to begin making payments again (after the forbearance period), or they have once again become up to date on their payments. Mortgage Bankers Association (MBA) examined how many people exited the forbearance program between J...
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