![]() "Unlike the Great Recession where home prices dropped approximately 20% from peak to trough, this recession saw home values rise by roughly the same amount. "I think the 'forbearance cliff' will be minimal," said David Stevens, former CEO of the Mortgage Bankers Association and former FHA commissioner in the Obama administration. Prices were up over 18% year over year in August, according to CoreLogic. The foreclosure numbers should stay relatively low because of aggressive modifications by lenders and also because of high levels of home equity, due to the recent housing boom and consequently high home prices. Those who do not contact their lenders or who still cannot afford any payments are either selling their homes or going into foreclosure. ![]() Some of those who aren't current on their payments are working with lenders on loan modifications. The majority of those coming out of the plans are once again current on their payments. Total foreclosure activity is also still 60% lower than it was a year ago. September foreclosure actions were almost 70% lower than they were pre-pandemic. "Despite the increased level of foreclosure activity in September, we're still far below historically normal numbers," said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. States with the largest number of new foreclosures were: The missed payments could then be tacked on to the end of the loan period or repaid when the home was sold or the mortgage refinanced. Government and private-sector relief programs allowed borrowers with financial difficulties to delay their monthly payments for up to 18 months. They fell to as low as 3,000 to 4,000 in the first year of the pandemic, when forbearance programs were in full force. New foreclosures, also known as starts, usually number around 40,000 per month. While the increases in foreclosures are dramatic, they are coming off extreme lows that were created by the forbearance programs. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |