A Foreclosure Crisis Could Still Happen
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Homeowners are falling behind on their payments, but government policies are keeping them in their homes. When the coronavirus pandemic hit in March, millions of Americans almost instantly lost their jobs, and millions more have since joined them. More than 32 million people are now receiving some form of unemployment benefit.
Sensing that the sudden collapse of the economy could put millions of homeowners on the street in the middle of a pandemic, the Federal Housing Finance Agency (FHFA) implemented measures in March to ensure that doesn?t happen. Protections include a moratorium on foreclosures for anyone on a mortgage backed by the federal government and up to a year of forbearance for those suffering financial hardship. The economic fallout from the pandemic has been dramatic, but when it comes to homeowners, this hasn?t been 2008. The protections have worked: June saw the fewest active foreclosures since 2000. But with the moratorium set to expire on August 31, mortgage-delinquency rates are jumping as the pandemic rages on, showing that any lapse in government policy could cause a minor housing crash.
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