When the mortgage forbearance program was implemented, 2.2 million homeowners were accepted into the mortgage forbearance program. As of this month there are still, 2.2 million people in the mortgage forbearance program. This on top of record setting stats in the current housing market, when the mortgage forbearance program expires, will we see the mother of all housing market crashes? In the video linked at the end of the article, we explore the idea of when the mortgage forbearance program expires, will we see the housing market crash.
The video includes our thoughts on…
- Demand is supressed by lack of inventory
- Inventory is Starting to Climb Upwards again
- Sales did go down 3 months consecutively
- Active Listings are historically low, it is picking back up past the previous years’ rate. Over 72% of Gen Z (ages 18-24) want to buy a house in the next 2-5 years.
- Listings are starting to jump back up
- Realtor.Com Housing Demand Overview
- Housing Supply is going up steadily – but still owe inventory. The months’ supply is the ratio of houses for sale to houses sold. This statistic provides an indication of the size of the for-sale inventory in relation to the number of houses currently being sold.
- 2 Million Homeowner’s are still in Mortgage Forbearance, despite CFPB’s efforts to protect struggling homeowners (read the article here)
Have you seen this video? Sam & Daniel talk about the mortgage forbearance program and what could happen when it expires.
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