{"id":3128,"date":"2020-08-20T05:00:21","date_gmt":"2020-08-20T10:00:21","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/forbearance-numbers-are-lower-than-expected\/"},"modified":"2023-05-30T09:49:24","modified_gmt":"2023-05-30T14:49:24","slug":"forbearance-numbers-are-lower-than-expected","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/forbearance-numbers-are-lower-than-expected\/","title":{"rendered":"Forbearance Numbers Are Lower than Expected"},"content":{"rendered":"

\"Forbearance<\/p>\n

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.<\/span><\/p>\n

As reported<\/a> by Odeta Kushi, Deputy Chief Economist<\/em> for First American<\/em>:<\/p>\n

\n

\u201cDespite 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 falling since<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

According to the most current data from Black Knight, <\/em>the percentage of homes in forbearance has fallen to 7.4%. The report also gives the decrease in raw numbers:<\/p>\n

\n

\u201cThe overall trend of incremental improvement in the number of mortgages in active forbearance continues. According to the latest data from Black Knight\u2019s McDash Flash Forbearance Tracker, the number of mortgages in active forbearance fell by another 71,000 over the past week, pushing the total under 4 million for the first time since early May.\u201d<\/em><\/p>\n<\/blockquote>\n

Here\u2019s a graph showing the decline in forbearances over the last several months:\"Forbearance<\/a>The report also explains that across the board, overall forbearance activity fell with 10% fewer new forbearance requests and nearly 40% fewer renewals.<\/p>\n

What about potential foreclosures once forbearances end?<\/strong><\/h4>\n

Kushi also addresses this question:<\/p>\n

\n

\u201cThere are two main reasons why this crisis is unlikely to produce a wave of foreclosures similar to the 2008 recession<\/strong>. First, the housing market is in a much stronger position compared with a decade ago. Accompanied by more rigorous lending standards, the household debt-to-income ratio is at a four-decade low and household equity near a three-decade high. Indeed, thus far, MBA data indicates that the majority of homeowners who took advantage of forbearance programs are either staying current on their mortgage or paying off the loan through a home sale or a refinance. Second, this service sector-driven recession is disproportionately impacting renters.\u201d<\/em><\/p>\n<\/blockquote>\n

There is one potential challenge<\/strong><\/h4>\n

Today, the options available to homeowners will prevent a large spike in foreclosures. That\u2019s good not just for those families impacted, but for the overall housing market. A recent study<\/a> by Fannie Mae, <\/em>however, reveals that many Americans are not aware of the options they have.<\/p>\n

It\u2019s imperative for potentially impacted families to better understand the mortgage relief programs available to them, for their personal housing situation and for the overall real estate market.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If Americans fully understand their options and make good choices regarding those options, the current economic slowdown does not need to lead to mass foreclosures.<\/p>\n

Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"

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. […]<\/p>\n","protected":false},"author":1,"featured_media":3129,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-3128","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"\nForbearance Numbers Are Lower than Expected—NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/forbearance-numbers-are-lower-than-expected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forbearance Numbers Are Lower than Expected—NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"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. 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