Key Highlights

  • Election-deciding states home to 5.7% of all borrowers in COVID- related bailout programs
  • Florida and Nevada among hardest hit due to state economies being based on hospitality and entertainment
  • Texas among hardest hit due to drop in oil prices and pandemic

According to Black Knight, a mortgage data and tech firm, 5.7% or +3M homeowners are currently in mortgage bailout programs. The vast majority of these homeowners are under forbearance plans that were launched at the onset of the COVID pandemic while others are involved with bank and private label programs.

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Just as real estate is local, COVID-related forbearances are local due to state-by-state higher levels of COVID-related unemployment. While the national average of homeowners in mortgage forbearance programs is 5.7%, Florida, Nevada and Texas are seeing 7% to 8% of their borrowers in forbearance. Georgia is seeing just less than 7% of its borrowers in mortgage bailouts.

According to Andy Walden, Black Knight economist and director or market research, “What we’ve seen in the data is that areas of the country most economically impacted by COVID-19 – though not necessarily those with the most cases per capita – have had the highest share of homeowners in need of financial assistance. States like Hawaii, Nevada, Illinois, New York, Texas and Florida have had among the largest increases in unemployment rates, and have also had among the highest share of their homeowners entering into forbearance plans.”

States having forbearance shares below the national average that are in the 4% range include Arizona, Pennsylvania, Wisconsin, Ohio, Iowa and Michigan. North Carolina’s forbearance share is close to the national average at 5.0%.

The good news is that the number of borrowers in forbearance is down compared to forbearance borrowers at the beginning of the pandemic however, last week there was an increase in both new forbearance plans and borrowers returning to forbearance after being able to get home loans current.


Thanks to CNBC.


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