Tag Archives: foreclosures due to covid

Cities with the biggest share of homeowners in danger of foreclosure

One group of homeowners continues to be behind on their mortgage payments. If that trend should continue, it could threaten the strength of certain real-estate markets across the country.

Many homeowners with mortgages backed by the Federal Housing Administration, or FHA, are delinquent on their homes, according to a new analysis from the American Enterprise Institute, a conservative think-tank based in Washington, D.C.

Around 14.7% of the 7.6 million FHA mortgages outstanding nationwide were delinquent as of May, up slightly from the previous month. Additionally, 10.5% of these loans were seriously delinquent, meaning they were 90 days or more past due and in danger of going into default.

These figures include loans that are in forbearance — at the start of the pandemic, federal regulators and lawmakers set up forbearance programs that allow homeowners to pause making mortgage payments. Those forbearance programs were extended again, allowing homeowners to make an initial request for payment relief until the end of September. Depending on when a homeowner made their first request, they can pause payments for anywhere from six to 18 months.

read more at: https://www.marketwatch.com/story/one-subset-of-homeowners-could-be-in-trouble-here-are-the-real-estate-markets-most-at-risk-11625591292