Will the continued covid crisis lead to more foreclosures?
With the unending covid crisis and financial crisis, I often still get the question "Will we see an uptick in home foreclosures?"
Most experts say no.
The main reason is the housing market has been a lifeline for our economy and one of the only industries that has held strong.
Quickly into the pandemic our gov and financial institutions offered a 180 day loan forbearance to home-owners (which then had the option for extension), and actually a majority of homeowners have been able to resume their pre-covid monthly payments after exiting forbearance.
And because we are in such a strong seller's market many homeowners who were at risk of losing their home have opted to sell, paying off their mortgages and many cases still coming out with equity.
If you are a buyers who was curious if a forclosure trend would come along, thinking you may be able to get a good deal on a property, not all hope is lost. To further spark activity in the housing market the fed has continually kept interest rates at record lows.
Meaning while home prices may be high, most people are still able to afford more home than they realize with the great rates.
Have questions on this topic? Or anything else? I am happy to chat and or connect you with a loan specialist. phone 971.361.6114 email lilywyss@kw.com
