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ew data was required to assess the COVID-19 pandemic’s impact on the US housing market, given the rapid and widespread adoption of mortgage forbearance in reaction to the epidemic. Several data sources answered this demand by providing timely mortgage payment information, which has helped monitor how families are coping with the epidemic. According to mortgage statistics, some borrowers are having difficulty getting back on their feet. Data vendors responded swiftly to offer real-time forbearance and delinquency information. According to Black Knight data, forbearance and delinquency rates decreased from March to January this year. The rates of patience and failure have reached a halt in this graph. Rates of forbearance peaked at nine percent in late May last year before gradually declining to about five percent by the end of January. This drop indicates that families’ overall financial situation has improved and that forbearance helped many households throughout the crisis. National delinquency rates reached around eight percent in May of last year, then fell to about six percent by the end of January. The significant decreases in debts moving from
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FORBEARANCE LOANS CONTINUE TO DECLINE STEADILY THE POWER IS NOW MAGAZINE | AUGUST 2021
