foreclosure statistics: Why a Wave of Foreclosures Is Not on the Way
- 11/09/21 06:09 AM
With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that wont happen. There are fewer homeowners in trouble this timeAfter the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank. As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to 30% of all mortgage … (3 comments)
foreclosure statistics: Understand Your Options To Avoid Foreclosure
- 09/14/21 06:08 AM
Even though experts agree there's no chance of a large-scale foreclosure crisis, there are a number of homeowners who may be coming face-to-face with foreclosure as a possibility. And while the overall percentage of homeowners at risk is decreasing with time (see graph below), that's little comfort to those individuals who are facing challenges today.If you haven't taken advantage of the forbearance period, it may be time to research and understand your options. It starts with knowing what foreclosure is. Investopedia defines it like this: Foreclosure is the legal process by which a lender attempts to recover the amount owed on a … (3 comments)
foreclosure statistics: Chances of Another Foreclosure Crisis? About Zero Percent
- 01/07/21 03:30 PM
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. However, there's one major difference this time: a robust forbearance program. During the housing crash of 2006-2008, many felt homeowners should be forced to pay their mortgages despite the economic hardships they were experiencing. There was no empathy for the challenges those households were facing. In a 2009 Wall Street Journal article titled Is Walking Away From Your Mortgage Immoral?, John Courson, Chief Executive of the Mortgage Bankers Association, was … (3 comments)
foreclosure statistics: Why the 2021 Forecast Doesn't Call for a Foreclosure Crisis
- 12/31/20 06:13 AM
As the current forbearance mortgage relief options come to an end, many are wondering if well face a foreclosure crisis next year. This is understandable, especially for those who remember the housing crisis that began in 2008. The reality is, plans have been put in place through forbearance to ensure history doesn't repeat itself. This year, homeowners are able to request 180 days of mortgage relief through forbearance. Upon expiration of that timeframe, they're also entitled to request 180 additional days, bringing the total to 360 days of deferred payment eligibility. As forbearance expires, homeowners should stay in touch with their lender, … (0 comments)
foreclosure statistics: Why Todays Options Will Save Homeowners from Foreclosure
- 12/21/20 05:32 AM
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. Some originally forecasted that up to 30% of homeowners would choose to enter forbearance. Less than 10% actually did, and that percentage has been dropping steadily. Black Knight recently reported that the national forbearance rate has decreased to 5.6%, with active forbearances falling below 3 million for the first time since mid-April. Many of those still in forbearance are actually making timely payments. Christopher Maloney of Bloomberg … (1 comments)
foreclosure statistics: Forbearance Numbers Are Lower than Expected
- 11/02/20 08:31 AM
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. Some even worried that we might relive the 2006-2008 housing crash all over again. Once you examine the data, however, that seems unlikely. As reported by Odeta Kushi, Deputy Chief Economist for First American: Despite the federal foreclosure moratorium, there were fears that up to 30% of homeowners would require forbearance, ultimately leading to a foreclosure tsunami. Forbearance did not hit 30%, but rather peaked at 8.6% and has been steadily … (0 comments)
With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that wont happen.
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