{"id":71737,"date":"2020-12-07T05:00:53","date_gmt":"2020-12-07T13:00:53","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71737"},"modified":"2021-01-20T10:31:47","modified_gmt":"2021-01-20T18:31:47","slug":"housing-market-after-end-of-forbearance","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-after-end-of-forbearance\/","title":{"rendered":"U.S. Housing Market Will Withstand a Wave of Foreclosures When Forbearance Ends"},"content":{"rendered":"

Investors and first-time homebuyers will quickly buy up an impending wave of foreclosures from homeowners saddled with debt during the pandemic\u00a0<\/span><\/em><\/h2>\n

More than <\/span>3.3. million of U.S. homeowners<\/span><\/a> will be on the hook for delinquent payments when <\/span>mortgage forbearance<\/span><\/a> ends. While some of those homeowners who are overleveraged or unaware of their options will contribute to a wave of foreclosures, most will be able to work with their lenders to either refinance their mortgage or sell to cash in on rising home values. <\/span>American homeowners have gained $2 trillion dollars in home equity<\/span><\/a> since the beginning of the pandemic alone, thanks to double-digit price growth driven by soaring homebuyer demand as the supply of homes for sale fell to historic lows. And an impending wave of foreclosed homes will only make a small dent in the inventory drought. First-time homebuyers and investors will likely quickly buy up any foreclosed homes, leaving the larger housing market unimpacted. While this is good news for the housing market and economy, it highlights a growing inequality between Americans who have suffered deeply during the pandemic recession and Americans who have been largely unaffected or have even become wealthier.<\/span><\/p>\n

At the peak of the foreclosure crisis in 2010, the national average loan-to-value ratio was 94%,\u00a0 meaning the average homeowner owed her lender nearly as much (94%) as the value of her home. As a result, many financially stressed homeowners couldn\u2019t even afford to sell their home after paying agent fees of 6% and closing costs, so they often ended up in foreclosure. Currently the average loan-to-value ratio, among metros that report data, is 70%, meaning that the average homeowner has built 10% additional equity beyond an initial 20% down payment.\u00a0<\/span><\/p>\n

Currently the metro with the highest loan-to-value ratio is Virginia Beach<\/a> at 86.2%, but that is likely due to the high volume of low-downpayment mortgages for local veterans. But because military employment has been unaffected by the pandemic, just 0.3%\u00a0 of homeowners say they are somewhat likely or very likely to be in foreclosure in the next two months, according to the <\/span>Census Household Pulse Survey<\/span><\/a> (see table below for data on each metro). The metro with the next highest loan-to-value is St. Louis<\/a> at 78.1%, which is low enough that most homeowners could refinance their mortgage or sell to pay off delinquent mortgage payments. This explains why only 1.8% of St. Louis feel they are somewhat likely or very likely to face foreclosure, even as 9.2% of homeowners are not current on their mortgage payments.\u00a0<\/span><\/p>\n

Las Vegas<\/a> has the highest unemployment rate at 14.8%, but Las Vegas homeowners have plenty of equity with an average loan-to-value ratio of 67.9%. As a result, many Las Vegas homeowners are tapping their home equity and downsizing. New listings are up 6.9% from last year, but for every seller there are buyers moving in, which has kept the housing market strong — home sales are up 9.3% from last year.\u00a0<\/span><\/p>\n

\u201cI\u2019ve worked with some people who are downsizing, finding something that fits their new budget,\u201d said <\/span>Redfin Las Vegas Agent Marco Di Pasqualucci<\/span><\/a>. \u201cMany have lost a job and aren\u2019t sure if or when it\u2019s going to come back. The common plan for these people is to take the equity out of their current home and rent something very affordable for a while. For some people, it\u2019s a move for survival.\u201d<\/span><\/p>\n

Homeowners in forbearance have options to avoid foreclosure<\/span><\/h3>\n

Atlanta<\/a> has the highest share of homeowners reporting they feel they are very or somewhat likely to face foreclosure in the next two months at 3.8%, and the fourth highest share of homeowners behind on mortgage payments at 13.5%.<\/span><\/p>\n

\u201cThere was a misunderstanding in Atlanta for what the different options are for people in forbearance,\u201d said Atlanta Redfin agent Ronisha Carson. \u201cPeople didn’t know they could refinance, do a prorated monthly payment or tack it on to the end of their loan.\u201d\u00a0<\/span><\/p>\n

“In my experience selling foreclosed properties, some people don\u2019t take advantage of forbearance because they aren’t educated on what it entails,\u201d said Redfin agent <\/span>Gina Sapnar<\/span><\/a>. \u201cThere are people who are in forbearance who don\u2019t understand how repayment works. For some people payments are tacked on to the end of the loan, but for others it may be a large payment due immediately at the end of forbearance as a lump sum, which could be very tough for people to repay. Some homeowners are underwater because they took on more debt than they could handle. I know of a restaurant owner who took equity out of his home to pay his workers during the pandemic. There are people suffering who have depleted their entire life savings, are drowning in debt and they aren\u2019t paying their mortgages. But even those people have options. The lenders are really trying to work with occupants and educate them on how to avoid the scarlet letter of a foreclosure.\u201d<\/span><\/p>\n

Fannie Mae and Freddie Mac will allow borrowers in forbearance to defer repayment<\/span><\/a> until the time the home is sold or refinanced. With <\/span>record-low mortgage rates<\/span><\/a>, homeowners behind on payments could theoretically refinance their mortgage debt into monthly payments lower than before the pandemic began. And if a borrower is in severe debt she may still be able to do a <\/span>short sale<\/span><\/a> or take advantage of <\/span>cash-for-keys<\/span><\/a>, where borrowers get a one-time payment to vacate their home.<\/span><\/p>\n

Homebuyers and investors will snatch up foreclosed homes because of the shortage of homes for sale\u00a0<\/span><\/h3>\n

Even if there is a wave of foreclosures, those foreclosed properties will have little impact on the overall housing market because there is a shortage of homes for sale — the <\/span>total number of homes for sale<\/span><\/a> is at a record low.<\/span><\/p>\n

\u201cThere are investors just waiting to buy distressed properties,\u201d continued Sapnar. \u201cI have one investor constantly reaching out, they are even looking for off-market homes because once a distressed home hits the market it gets multiple offers.\u201d<\/span><\/p>\n

And it\u2019s not just investors who could benefit from a surge in foreclosures. Fannie Mae\u2019s <\/span>First Look<\/span><\/a> program renovates distressed homes and offers them first to buyers who will occupy the home.<\/span><\/p>\n

\u201cThe First Look program is great for first-time homebuyers who don\u2019t want to compete with investors,\u201d continued Sapnar.<\/span><\/p>\n

Percent of Homeowners Deferring Mortgage Payments by Metro<\/span><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro<\/b><\/td>\nAverage Loan to Value (LTV)<\/b><\/td>\nAverage Home Value Appreciation (Annualized)<\/b><\/td>\nNew Listings YoY Growth<\/b><\/td>\nMedian Sale Price YoY Growth<\/b><\/td>\nUnemployment Rate<\/b><\/td>\nPct Homeowners Very or Somewhat Likely to Foreclose in the next two months<\/b><\/td>\nPct Homeowners with Household Income Loss<\/b><\/td>\nPct Homeowners Not Current on Mortgage Payments<\/b><\/td>\n<\/tr>\n
Virginia Beach, VA<\/span><\/td>\n86.2%<\/span><\/td>\n17.3%<\/span><\/td>\n23.2%<\/span><\/td>\n12.8%<\/span><\/td>\n7.1%<\/span><\/td>\n0.3%<\/span><\/td>\n32.6%<\/span><\/td>\n6.4%<\/span><\/td>\n<\/tr>\n
St. Louis, MO<\/span><\/td>\n78.1%<\/span><\/td>\n7.0%<\/span><\/td>\n-28.9%<\/span><\/td>\n14.1%<\/span><\/td>\n5.5%<\/span><\/td>\n1.8%<\/span><\/td>\n36.2%<\/span><\/td>\n9.2%<\/span><\/td>\n<\/tr>\n
Baltimore, MD<\/span><\/td>\n77.7%<\/span><\/td>\n18.8%<\/span><\/td>\n22.0%<\/span><\/td>\n14.3%<\/span><\/td>\n6.5%<\/span><\/td>\n0.6%<\/span><\/td>\n33.8%<\/span><\/td>\n10.5%<\/span><\/td>\n<\/tr>\n
Pittsburgh, PA<\/span><\/td>\n76.8%<\/span><\/td>\n13.2%<\/span><\/td>\n-0.8%<\/span><\/td>\n17.6%<\/span><\/td>\n7.8%<\/span><\/td>\n0.6%<\/span><\/td>\n41.3%<\/span><\/td>\n3.9%<\/span><\/td>\n<\/tr>\n
Oklahoma City, OK<\/span><\/td>\n75.9%<\/span><\/td>\n9.7%<\/span><\/td>\n0.6%<\/span><\/td>\n18.1%<\/span><\/td>\n4.9%<\/span><\/td>\n1.3%<\/span><\/td>\n38.8%<\/span><\/td>\n7.5%<\/span><\/td>\n<\/tr>\n
Columbus, OH<\/span><\/td>\n75.8%<\/span><\/td>\n10.2%<\/span><\/td>\n4.9%<\/span><\/td>\n16.3%<\/span><\/td>\n7.5%<\/span><\/td>\n1.5%<\/span><\/td>\n41.8%<\/span><\/td>\n8.1%<\/span><\/td>\n<\/tr>\n
Cincinnati, OH<\/span><\/td>\n74.8%<\/span><\/td>\n10.4%<\/span><\/td>\n17.3%<\/span><\/td>\n19.2%<\/span><\/td>\n6.9%<\/span><\/td>\n1.5%<\/span><\/td>\n41.8%<\/span><\/td>\n8.1%<\/span><\/td>\n<\/tr>\n
Washington, DC<\/span><\/td>\n74.8%<\/span><\/td>\n17.6%<\/span><\/td>\n35.7%<\/span><\/td>\n11.6%<\/span><\/td>\n6.7%<\/span><\/td>\n0.4%<\/span><\/td>\n33.1%<\/span><\/td>\n9.5%<\/span><\/td>\n<\/tr>\n
Cleveland, OH<\/span><\/td>\n74.4%<\/span><\/td>\n11.7%<\/span><\/td>\n5.9%<\/span><\/td>\n12.7%<\/span><\/td>\n9.9%<\/span><\/td>\n1.5%<\/span><\/td>\n41.8%<\/span><\/td>\n8.1%<\/span><\/td>\n<\/tr>\n
Minneapolis, MN<\/span><\/td>\n74.3%<\/span><\/td>\n12.5%<\/span><\/td>\n18.2%<\/span><\/td>\n12.5%<\/span><\/td>\n5.9%<\/span><\/td>\n0.4%<\/span><\/td>\n38.0%<\/span><\/td>\n6.6%<\/span><\/td>\n<\/tr>\n
Denver, CO<\/span><\/td>\n73.6%<\/span><\/td>\n14.4%<\/span><\/td>\n19.7%<\/span><\/td>\n12.2%<\/span><\/td>\n6.5%<\/span><\/td>\n0.8%<\/span><\/td>\n41.6%<\/span><\/td>\n6.0%<\/span><\/td>\n<\/tr>\n
Chicago, IL<\/span><\/td>\n73.1%<\/span><\/td>\n17.1%<\/span><\/td>\n14.4%<\/span><\/td>\n14.4%<\/span><\/td>\n10.5%<\/span><\/td>\n3.0%<\/span><\/td>\n40.6%<\/span><\/td>\n13.6%<\/span><\/td>\n<\/tr>\n
Portland, OR<\/span><\/td>\n72.9%<\/span><\/td>\n11.9%<\/span><\/td>\n29.8%<\/span><\/td>\n10.6%<\/span><\/td>\n7.7%<\/span><\/td>\n0.7%<\/span><\/td>\n38.0%<\/span><\/td>\n4.2%<\/span><\/td>\n<\/tr>\n
Nashville, TN<\/span><\/td>\n72.3%<\/span><\/td>\n12.2%<\/span><\/td>\n-7.7%<\/span><\/td>\n12.0%<\/span><\/td>\n5.9%<\/span><\/td>\n1.3%<\/span><\/td>\n43.8%<\/span><\/td>\n12.5%<\/span><\/td>\n<\/tr>\n
Warren, MI<\/span><\/td>\n72.2%<\/span><\/td>\n15.0%<\/span><\/td>\n0.6%<\/span><\/td>\n12.4%<\/span><\/td>\n9.8%<\/span><\/td>\n0.7%<\/span><\/td>\n47.0%<\/span><\/td>\n8.4%<\/span><\/td>\n<\/tr>\n
Charlotte, NC<\/span><\/td>\n71.8%<\/span><\/td>\n13.3%<\/span><\/td>\n-21.0%<\/span><\/td>\n14.2%<\/span><\/td>\n7.0%<\/span><\/td>\n0.8%<\/span><\/td>\n34.8%<\/span><\/td>\n8.7%<\/span><\/td>\n<\/tr>\n
Sacramento, CA<\/span><\/td>\n71.8%<\/span><\/td>\n13.5%<\/span><\/td>\n32.8%<\/span><\/td>\n17.1%<\/span><\/td>\n8.9%<\/span><\/td>\n1.7%<\/span><\/td>\n45.9%<\/span><\/td>\n9.6%<\/span><\/td>\n<\/tr>\n
Philadelphia, PA<\/span><\/td>\n71.3%<\/span><\/td>\n20.6%<\/span><\/td>\n14.4%<\/span><\/td>\n19.7%<\/span><\/td>\n7.9%<\/span><\/td>\n1.1%<\/span><\/td>\n46.4%<\/span><\/td>\n10.0%<\/span><\/td>\n<\/tr>\n
Riverside, CA<\/span><\/td>\n71.3%<\/span><\/td>\n20.2%<\/span><\/td>\n10.7%<\/span><\/td>\n14.0%<\/span><\/td>\n10.4%<\/span><\/td>\n1.5%<\/span><\/td>\n50.0%<\/span><\/td>\n11.1%<\/span><\/td>\n<\/tr>\n
San Diego, CA<\/span><\/td>\n71.3%<\/span><\/td>\n19.6%<\/span><\/td>\n15.5%<\/span><\/td>\n11.9%<\/span><\/td>\n9.0%<\/span><\/td>\n1.7%<\/span><\/td>\n45.9%<\/span><\/td>\n9.6%<\/span><\/td>\n<\/tr>\n
Montgomery County, PA<\/span><\/td>\n70.9%<\/span><\/td>\n19.1%<\/span><\/td>\n22.2%<\/span><\/td>\n15.9%<\/span><\/td>\n7.9%<\/span><\/td>\n0.6%<\/span><\/td>\n41.3%<\/span><\/td>\n3.9%<\/span><\/td>\n<\/tr>\n
Detroit, MI<\/span><\/td>\n70.5%<\/span><\/td>\n17.5%<\/span><\/td>\n-5.4%<\/span><\/td>\n14.3%<\/span><\/td>\n9.8%<\/span><\/td>\n1.5%<\/span><\/td>\n52.1%<\/span><\/td>\n12.0%<\/span><\/td>\n<\/tr>\n
Oakland, CA<\/span><\/td>\n70.1%<\/span><\/td>\n13.6%<\/span><\/td>\n41.4%<\/span><\/td>\n9.8%<\/span><\/td>\n8.6%<\/span><\/td>\n1.7%<\/span><\/td>\n45.9%<\/span><\/td>\n9.6%<\/span><\/td>\n<\/tr>\n
Jacksonville, FL<\/span><\/td>\n69.6%<\/span><\/td>\n16.0%<\/span><\/td>\n0.9%<\/span><\/td>\n10.0%<\/span><\/td>\n5.1%<\/span><\/td>\n2.0%<\/span><\/td>\n46.1%<\/span><\/td>\n8.6%<\/span><\/td>\n<\/tr>\n
Seattle, WA<\/span><\/td>\n69.6%<\/span><\/td>\n13.1%<\/span><\/td>\n37.8%<\/span><\/td>\n13.4%<\/span><\/td>\n7.4%<\/span><\/td>\n0.7%<\/span><\/td>\n39.9%<\/span><\/td>\n8.7%<\/span><\/td>\n<\/tr>\n
Newark, NJ<\/span><\/td>\n69.2%<\/span><\/td>\n17.3%<\/span><\/td>\n25.6%<\/span><\/td>\n23.5%<\/span><\/td>\n9.5%<\/span><\/td>\n2.2%<\/span><\/td>\n45.0%<\/span><\/td>\n13.3%<\/span><\/td>\n<\/tr>\n
Orlando, FL<\/span><\/td>\n68.1%<\/span><\/td>\n11.9%<\/span><\/td>\n0.5%<\/span><\/td>\n10.5%<\/span><\/td>\n9.8%<\/span><\/td>\n2.0%<\/span><\/td>\n46.1%<\/span><\/td>\n8.6%<\/span><\/td>\n<\/tr>\n
Los Angeles, CA<\/span><\/td>\n68.0%<\/span><\/td>\n18.0%<\/span><\/td>\n25.1%<\/span><\/td>\n14.0%<\/span><\/td>\n13.6%<\/span><\/td>\n2.7%<\/span><\/td>\n49.2%<\/span><\/td>\n13.4%<\/span><\/td>\n<\/tr>\n
Las Vegas, NV<\/span><\/td>\n67.9%<\/span><\/td>\n14.0%<\/span><\/td>\n6.9%<\/span><\/td>\n9.3%<\/span><\/td>\n14.8%<\/span><\/td>\n2.9%<\/span><\/td>\n51.0%<\/span><\/td>\n10.8%<\/span><\/td>\n<\/tr>\n
Providence, RI<\/span><\/td>\n67.7%<\/span><\/td>\n18.7%<\/span><\/td>\n14.6%<\/span><\/td>\n15.5%<\/span><\/td>\n10.0%<\/span><\/td>\n2.5%<\/span><\/td>\n41.2%<\/span><\/td>\n14.8%<\/span><\/td>\n<\/tr>\n
Atlanta, GA<\/span><\/td>\n67.3%<\/span><\/td>\n16.0%<\/span><\/td>\n-1.2%<\/span><\/td>\n16.3%<\/span><\/td>\n6.7%<\/span><\/td>\n3.8%<\/span><\/td>\n37.5%<\/span><\/td>\n13.5%<\/span><\/td>\n<\/tr>\n
Tampa, FL<\/span><\/td>\n66.5%<\/span><\/td>\n14.1%<\/span><\/td>\n6.6%<\/span><\/td>\n14.9%<\/span><\/td>\n6.1%<\/span><\/td>\n2.0%<\/span><\/td>\n46.1%<\/span><\/td>\n8.6%<\/span><\/td>\n<\/tr>\n
New York, NY<\/span><\/td>\n66.2%<\/span><\/td>\n14.4%<\/span><\/td>\n40.6%<\/span><\/td>\n10.0%<\/span><\/td>\n9.5%<\/span><\/td>\n0.9%<\/span><\/td>\n45.9%<\/span><\/td>\n9.4%<\/span><\/td>\n<\/tr>\n
Milwaukee, WI<\/span><\/td>\n65.8%<\/span><\/td>\n11.7%<\/span><\/td>\n13.6%<\/span><\/td>\n11.4%<\/span><\/td>\n6.0%<\/span><\/td>\n0.6%<\/span><\/td>\n34.1%<\/span><\/td>\n6.3%<\/span><\/td>\n<\/tr>\n
Phoenix, AZ<\/span><\/td>\n64.3%<\/span><\/td>\n22.0%<\/span><\/td>\n10.8%<\/span><\/td>\n17.3%<\/span><\/td>\n6.3%<\/span><\/td>\n3.4%<\/span><\/td>\n40.2%<\/span><\/td>\n9.2%<\/span><\/td>\n<\/tr>\n
San Jose, CA<\/span><\/td>\n64.2%<\/span><\/td>\n10.0%<\/span><\/td>\n48.6%<\/span><\/td>\n15.7%<\/span><\/td>\n7.1%<\/span><\/td>\n1.7%<\/span><\/td>\n45.9%<\/span><\/td>\n9.6%<\/span><\/td>\n<\/tr>\n
Anaheim, CA<\/span><\/td>\n62.5%<\/span><\/td>\n17.6%<\/span><\/td>\n28.9%<\/span><\/td>\n12.0%<\/span><\/td>\n13.6%<\/span><\/td>\n1.7%<\/span><\/td>\n45.9%<\/span><\/td>\n9.6%<\/span><\/td>\n<\/tr>\n
Fort Lauderdale, FL<\/span><\/td>\n61.1%<\/span><\/td>\n15.1%<\/span><\/td>\n-2.5%<\/span><\/td>\n11.5%<\/span><\/td>\n10.1%<\/span><\/td>\n2.0%<\/span><\/td>\n46.1%<\/span><\/td>\n8.6%<\/span><\/td>\n<\/tr>\n
Miami, FL<\/span><\/td>\n60.8%<\/span><\/td>\n13.5%<\/span><\/td>\n-10.0%<\/span><\/td>\n12.9%<\/span><\/td>\n10.1%<\/span><\/td>\n2.3%<\/span><\/td>\n47.5%<\/span><\/td>\n15.4%<\/span><\/td>\n<\/tr>\n
San Francisco, CA<\/span><\/td>\n56.6%<\/span><\/td>\n4.5%<\/span><\/td>\n40.5%<\/span><\/td>\n0.0%<\/span><\/td>\n8.6%<\/span><\/td>\n0.4%<\/span><\/td>\n40.3%<\/span><\/td>\n5.0%<\/span><\/td>\n<\/tr>\n
West Palm Beach, FL<\/span><\/td>\n53.5%<\/span><\/td>\n14.1%<\/span><\/td>\n-2.8%<\/span><\/td>\n19.3%<\/span><\/td>\n10.1%<\/span><\/td>\n2.0%<\/span><\/td>\n46.1%<\/span><\/td>\n8.6%<\/span><\/td>\n<\/tr>\n
Boston, MA<\/span><\/td>\n52.6%<\/span><\/td>\n12.6%<\/span><\/td>\n17.2%<\/span><\/td>\n13.4%<\/span><\/td>\n9.2%<\/span><\/td>\n2.1%<\/span><\/td>\n42.5%<\/span><\/td>\n8.9%<\/span><\/td>\n<\/tr>\n
Nassau County, NY<\/span><\/td>\n40.4%<\/span><\/td>\n16.3%<\/span><\/td>\n20.6%<\/span><\/td>\n15.2%<\/span><\/td>\n9.5%<\/span><\/td>\n0.6%<\/span><\/td>\n44.6%<\/span><\/td>\n7.9%<\/span><\/td>\n<\/tr>\n
Austin, TX<\/span><\/td>\nn\/a<\/span><\/td>\nn\/a<\/span><\/td>\n12.6%<\/span><\/td>\n13.2%<\/span><\/td>\n6.4%<\/span><\/td>\n2.3%<\/span><\/td>\n40.6%<\/span><\/td>\n11.3%<\/span><\/td>\n<\/tr>\n
Dallas, TX<\/span><\/td>\nn\/a<\/span><\/td>\nn\/a<\/span><\/td>\n0.4%<\/span><\/td>\n12.4%<\/span><\/td>\n7.5%<\/span><\/td>\n1.7%<\/span><\/td>\n44.7%<\/span><\/td>\n11.3%<\/span><\/td>\n<\/tr>\n
Fort Worth, TX<\/span><\/td>\nn\/a<\/span><\/td>\nn\/a<\/span><\/td>\n-4.5%<\/span><\/td>\n9.6%<\/span><\/td>\n7.5%<\/span><\/td>\n2.3%<\/span><\/td>\n40.6%<\/span><\/td>\n11.3%<\/span><\/td>\n<\/tr>\n
Houston, TX<\/span><\/td>\nn\/a<\/span><\/td>\nn\/a<\/span><\/td>\n13.6%<\/span><\/td>\n10.9%<\/span><\/td>\n9.6%<\/span><\/td>\n1.3%<\/span><\/td>\n45.9%<\/span><\/td>\n8.8%<\/span><\/td>\n<\/tr>\n
Indianapolis, IN<\/span><\/td>\nn\/a<\/span><\/td>\nn\/a<\/span><\/td>\n2.4%<\/span><\/td>\n15.8%<\/span><\/td>\n6.0%<\/span><\/td>\n2.9%<\/span><\/td>\n39.0%<\/span><\/td>\n10.9%<\/span><\/td>\n<\/tr>\n
Kansas City, MO<\/span><\/td>\nn\/a<\/span><\/td>\nn\/a<\/span><\/td>\n-37.4%<\/span><\/td>\n15.2%<\/span><\/td>\n4.9%<\/span><\/td>\n1.8%<\/span><\/td>\n36.2%<\/span><\/td>\n9.2%<\/span><\/td>\n<\/tr>\n
San Antonio, TX<\/span><\/td>\nn\/a<\/span><\/td>\nn\/a<\/span><\/td>\n-5.8%<\/span><\/td>\n11.6%<\/span><\/td>\n7.8%<\/span><\/td>\n2.3%<\/span><\/td>\n40.6%<\/span><\/td>\n11.3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Sources: \u201cShare Homeowners with Deferred Mortgage Payments\u201d and \u201cShare Homeowners with Household Income Loss\u201d is from the 10\/12\/2020 Census Household Pulse survey on homeowners with a mortgage, \u201cUnemployment Rate\u201d is from the September\u00a0 BLS report, \u201cAverage Loan to Value\u201d is from 2020 county records, \u201cAverage Home Value Appreciation (Annualized)\u201d is calculated from the Redfin estimate and public records of sales in 2020, \u201cHome Price Volatility (Annual)\u201d is from FHFA HPI through Q2 of 2020 and is the standard deviation of annual appreciation, \u201cNew Listings YoY Growth\u201d and \u201cMedian Sale Price YoY Growth\u201d is from MLS and county records as of October 2020.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Investors and first-time homebuyers will quickly buy up an impending wave of foreclosures from homeowners saddled with debt during the pandemic\u00a0 More than 3.3. million of U.S. homeowners will be on the hook for delinquent payments when mortgage forbearance ends. While some of those homeowners who are overleveraged or unaware of their options will contribute […]<\/p>\n","protected":false},"author":13160,"featured_media":71933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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