Foregone Conclusion

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For anyone worried that mortgage forbearance would eventually cause a flood of distressed properties to hit the market, there is good news this week.

 

The number of mortgages in forbearance continues to drop and hit its lowest point since April of 2020.

 

Loans in forbearance dropped 12% compared to one month ago.

 

It appears the growing economy is helping homeowners to exit forbearance and keep the market free of distressed properties.

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Forbearance Falls

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The number of loans in forbearance just fell to their lowest level since mid-April.

 

This is good news for the real estate market.

 

Less and less people are seeking payment relief on their mortgages.

 

The number of loans currently in forbearance stands at 7.16%.

 

This news coincides with the U.S. Unemployment Rate falling to it’s lowest level in 5 months as more people are getting their jobs back.

 

The economy has added back roughly half of the 22.2 million jobs that were lost in March and April of this year.

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At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.

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