Millions miss mortgage payments In April
SAN DIEGO (KUSI) – Suddenly out of work or making due with reduced paychecks, an estimated 4.1 million Americans have sought forbearance on their mortgage, according to data released Monday by the Mortgage Bankers Association.
That’s a staggering number, and experts anticipate more homeowners will seek this protection as the economic impact of the coronavirus wears on.
A forbearance hits the pause button on mortgage payments. As part of its massive economic rescue package for the economy, Congress made it easier for homeowners to enter a forbearance plan and regain their financial footing.
Still, there are considerations for homeowners. Eventually the money must be paid, and homeowners with federally back loans have some advantages over those with private mortgages.
Brent Wilsey with Wilsey Asset Management joined Good Morning San Diego to discuss the housing market and lending rates across the county.
“I think a lot of people are nervous what direction the market will go, especially the longer this pandemic drags out,” said Wilsey.
According to Wilsey, in San Diego sales down 17.2%, condo sales down 26% versus single family down 17%.
People are moving from compact areas to spreading out in the suburbs.