According to the data from latest McDash Flash Forbearance tracker, approximately 9% of all mortgages are in forbearance. The details:
- As of May 19th, 2020, 4.75 million homeowners, or ~9% of all mortgages, have entered COVID-19 forbearance.
- The unpaid principle on those loads is in excess of $1 trillion.
- An estimated 7.1% of all Government-Sponsored Enterprise (GSE) loans and 12.5% of FHA/VA mortgages are in forbearance.
The good news is that pace of increases has started to taper off. The rate of increase has now declined by 93% from the first week of April when the number of active forbearance plans increased by nearly 1.4 million in a single week.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.