Housing Market 2020 – Forbearance and Foreclosure // Do you believe that homes in mortgage forbearance equal a ton of foreclosures to hit the market in 2020? In this video, I give you my thoughts on why I don’t believe that just because we have a high number of loans in forbearance that it automatically translate to more foreclosures.
Only about 1 in 10 mortgage borrowers who are in forbearance mortgage has less than 10% equity in their property or is underwater, indicating defaults will remain limited, according to Black Knight.
At the same time, around 9% of borrowers with mortgage forbearance are “equity poor,” meaning their mortgage balance is greater than 90% of their property’s value so they have less than 10% equity in the home.
Only 1% of homeowners who currently have forbearance are underwater, meaning their loan exceeds their home’s worth, said Black Knight President Ben Graboske.
Almost 80% of homeowners in forbearance have 20% or more equity, which indicates they likely won’t end up in foreclosure, he said.
Please let me know your thoughts below: what are your predictions for the housing market 2020 forecast and the housing market 2020 california? After watching this video, do you believe the house market crash 2020 or real estate bubble will happen? What are your thoughts on the huntington beach real estate market?
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