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THE END OF MORTGAGE FORBEARANCE:
Even though over 4.2 million homeowners originally paused their mortgage payments…as of now, 18 months later….1 million of those remain, with a small portion of them STILL eligible for a final 6-month extension if they chose.
In terms of foreclosures – they found that 23% of those borrowers either sold their home or refinanced their mortgages to make them more affordable, 7% are in active loss mitigation with their lender, 3% are delinquent after their forbearance expired…and 38,000 are in active foreclosure, even WITH the real estate market surging to all time highs.
They theorize that this is partly due to an overly competitive and expensive real estate market that leaves homeowners with nowhere to go in the event they need to sell.
But, in terms of what you can do about this, and whether or not the market can actually crash this year…here’s what we know, FOR SURE:
One, the vast majority of tenants are still paying their rent.
The National Multifamily Housing Council found the 93-95% of tenants are paying their rent in full by the end of the month, and this is only 1-2% LESS than prior to the pandemic. That leads me to believe that, most likely, rents will continue trending higher throughout the next year.
Two, building materials are back up thanks to worsening supply chain shortages.
Apparently, so many people started buying the dip that the demand pushed prices BACK UP…so, it could be another year or two until things begin to normalize – and that will be reflected in housing values.
Three, in terms of seeing a wave of foreclosures… Ninety-eight percent of borrowers in active forbearance have at least 10% equity in their homes…compared to the Great Recession, where only 40% had that much equity.
….so, basically…we aren’t going to see many foreclosures, AT ALL..because, there’s nothing to foreclose on.
Fourth, Interest Rates are likely to increase.
Even though, recently…they’ve actually been going DOWN…the FED has made it clear that they intend to combat rising inflation by slowly raising rates throughout 2022…and, as I mentioned earlier…that has the potential to impact housing VALUES as the cost of a loan gets a little more expensive.
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