Published On: Tue, Jul 20th, 2021

Looming Foreclosure Crisis Unlikely to End Housing Boom: Experts

Cirtrus.com: Save 10% on Citrus trees with code CITRUS
Share This
Tags

WASHINGTON—U.S. housing prices are going through the roof, and a looming wave of foreclosures is unlikely to reverse this trend due to a severe housing shortage in the country, according to experts. The foreclosure moratorium for federally backed mortgages is going to end on July 31. The Biden administration extended the national moratorium by a month in June and made clear that this would be “the final extension.” Some were predicting that there could be a flood of foreclosures once the forbearance program expires, leading to a replay of the housing market crash of 2008. According to the National Association of Realtors (NAR), as of June, there were roughly 2.7 million homeowners who hadn’t caught up on their mortgage payments and 1.8 million loans that were in serious delinquency, meaning 90 days or more past due and in foreclosure. However, a majority of homeowners in forbearance (77 percent) have workout options and only …

About the Author

-