Mortgage Forbearance EXTENDED Indefinitely: Housing Market Update

Selling Real Estate
The mortgage loan forbearance program was just extended indefinitely. This is based on a new announcement that cancels the September 30th, 2021 mortgage forbearance deadline (to request an initial forbearance).

In today’s housing market update, I discuss the latest real estate market news and I also share the latest housing update regarding mortgage interest rates.

➜➜➜ Get Connected To a GREAT Real Estate Agent in Your Area

Jason

➜➜➜ Or, email me if you’re looking to buy or sell a home in the greater Sacramento area (w/n ~30mn drive from Sacramento): jason@meetjasonwalter.com

➜➜➜ Treat me to a coffee or a craft brew here: buymeacoff.ee/JWalter

Black Knight announced that the number of homeowners in forbearance dropped by the largest weekly decline in 12 months. They fell by 171,000 this week and 294,000 in the last 30 days. There remains 1.39M homeowners in mortgage forbearance which represents 2.6% of active US mortgages per Black Knight.

If history repeats itself then approximately 7.4% of those ending their forbearance will either refi or sell their houses (MBA stat). Therefore, about 22k of the 294k would be selling their houses or doing a refi. This would have a negligible impact on our housing market given the fact that 1.29M homes are listed for sale as of the end of August 2021 (the most recent data we have available).

On top of this, according to the Consumer Financial Protection Bureau (CFPB), if your loan is backed by HUD/FHA , USDA, or VA , you may request an initial forbearance as long as the COVID-19 National Emergency is in place. The previous deadline was 9/30/21. In addition, if your loan is backed by Fannie Mae or Freddie Mac, there is not currently a deadline for requesting an initial forbearance. Therefore, forbearance will be around for a long time.

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is 3.17% for the current mortgage rates (at the time of filming this video). This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.

Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?

———————————————————————————-
Products I use and like: ad
My webcam https://amzn.to/2QZMFZt
Clickfunnels https://bit.ly/2GvfNWp
Tubebuddy https://www.tubebuddy.com/jason808
Virtual Assistants https://bit.ly/3lYRujQ
AWeber https://bit.ly/3jRO7JYf

My no. 1 recommendation for real estate licensing in California (the same course I took): ad
https://bit.ly/2EUYLRq

***
Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com
Follow me on Instagram ➜ @SacramentoRealtor

*** FREE Sacramento Area Home Buyer Guide ➜ https://bit.ly/2YjUnTJ
*** FREE Sacramento Area Home Seller Guide ➜ https://bit.ly/2x1uqZF

➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe & then hit the bell notification here ➜ https://bit.ly/31kAR73

More of My YouTube Videos:

Why Aren’t Home Prices Dropping? Housing Market 2020

BEWARE – Why I Cancelled My Mortgage Loan Forbearance Offer

Mortgage Loan Forbearance Update (5 MAJOR CONS of Mortgage Loan Forbearance & More):

➜ PLAYLIST: Videos about Living in Sacramento
https://bit.ly/2TkXZSh

Moving to Sacramento? Top 10 Reasons to Move Here:

5 Pros & Cons of Living in Sacramento:

Royalty Free Music from Bensound

Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed Realtor with Realty One Group in California under DRE 01923240.

#forbearance #housingmarket #housingcrisis

Products You May Like

Articles You May Like

Pitching in: Mets hurler Taijuan Walker’s once UES rental up for sale
Bombshell new evidence in Wuhan Lab Leak Story, MSM ignores it.
Buying Your FIRST Home in 2021- How to Buy a Home Step by Step for First Time Home Buyers
Evergrande set for restructuring, with no word on first formal default
Should I Wait Until This Housing Market Cools Down to Buy?

Leave a Reply

Your email address will not be published. Required fields are marked *