What Happened with Forbearance?
What happened with all the home owners that took advantage of forbearance? Is there going to be a lot of foreclosed homes coming on the market?
Refresher on Forbearance
Hey, it’s your favorite bearded realtor, Eren Millam with Premiere Property Group. and I am going to share with you how forbearance may affect the housing market. Two years ago, it was used as a tool to help homeowners with their mortgage, and it caused a lot of unease concerning the long term effects. The good thing? The numbers concerning forbearance look great! With about 4.2 million people using forbearance at the start, we are now down to 690,000 loans still in forbearance.
How has Forbearance Affected the Market?
According to Black Knight, 92% of those in forbearance have since come out of it. Whether they went through modification or paid it back already – the majority of people are through this bump in their road.
For those who have not found a solution yet, there are still have a number of options to resolve the situation.
Forecasting the Future Market
The big take away here is that because of the number of people still in these situations and the number of options available lead experts to believe that forbearance will not create a bubble or a major downturn in the market. If you have any other questions about the market, reach out to my team and we can help you decide what’s best for your family in this market. Again, I’m Eren Millam & remember, Extraordinary Service delivers Extraordinary Results.
If you’re thinking of buying or selling your home in the west Lewis County area, contact me today! I’d love to hear from you! Eren Millam – Managing Broker Premiere Property Group, LLC WA License No. 26933
Chehalis, WA 98532 | Centralia, WA 98531
Call/Text: (360) 219-3616 | Email: Eren@LewisCountyHomes.com
Check us out on FB: https://www.facebook.com/erenmillamrealtor
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