Not working….Less money?
Ya eat….
You do NOT pay the mortgage…
Last time the American economy tanked?
It was the housing/real estate market….
And that took years to come back…
This economy drop is way worst….
Delinquencies on home mortgages spiked by a record amount last month as the coronavirus pandemic’s economic fallout continued to explode and government programs began allowing payment delays without punishment.
Roughly 3.6 million homeowners were past due on their mortgage in April, a 1.6 million jump from March, according to data from Black Knight. The national delinquency rate nearly doubled to 6.45 percent from 3.06 percent, a record increase.
Nevada, New Jersey and New York led all 50 states in delinquency increases, as each state saw a rise of roughly 5 percent from March.
The data also showed that 4.7 million borrowers were in forbearance as of May 12.
“The impact of COVID-19 on the housing and mortgage markets has already been substantial,” said Andy Walden, economist and director of market research at Black Knight. “It will be some months before we can gauge the full extent of that impact. Whatever the ultimate scope, it is almost certain the effects will resonate for many months to come.”
The coronavirus outbreak has buckled the U.S. economy, with social distancing orders leading to a string of business closures and layoffs. The unemployment rate has tripled to 14.7 percent, the highest since the Great Depression…..
Note…
The banks, mortgage companies and the fed’s DO NOT FORGIVE mortgage payments…
They put some of money off….
But they want ALL of their money in the end….
I’ve been interested in how the housing market will react to what will likely be a deluge of properties up for sale in the months ahead.
It will definitely be a buyers market.
But him many buyers will there be?
It’s been a deluge for two months now..
Well, back to work.
People don’t understand….
You HAVE pay the deferred when comes to mortgages….
Holding off the payments and then paying them back in a few months along with being current just isn’t gonna work….
Oh it’s going to be a lot more of a deluge over the next year or so,maybe longer.
And it doesn’t matter who wins the election either.
People walking away from homes will surely prolong the recession….