It feels like everyone has become a real estate guru lately! From the guy at the car wash to the receptionist at my dentist office, everywhere I turn people have very clear opinions on the future of our real estate market. I have never been a fortune teller. Heck if you asked me two years ago what a pandemic was I would likely have had to Google it. So what do I say to those who “know foreclosures are coming”?
Based on the expanding economy it seems the foreclosure wave is less likely to occur. Why do I think that you ask? Data my friend…data.
2/3 of homeowners in forbearance have already started making monthly payments.
March 2021 had the best single-month improvement in delinquencies in 11 years.
The number of foreclosure starts was up 28% in March to 5,000, but the total number of homes in foreclosure fell to another record low, 162,329, as forbearance programs and foreclosure moratoriums continue to provide protection for homeowners.
As of April 23rd, 91.6% of mortgage holders were current on their monthly payments, up from 91% in March – and the largest share for any month during the pandemic.
Source: Inman (05/03/21)
So, what do you think? Does the data matter? As always I look forward to hearing back from you!
