Today, more than 30% of the income of over 3 million renters there go toward rent, while 1.7 million more pay more than 50%, according to a report from the Terner Center at the University of California at Berkley. Consequently, African-Americans, particularly, are being priced out of neighborhoods, cities and, in many instances, the state altogether.
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The Federal Reserve has helped push mortgage rates to record lows. Whether rates fall any further, for the time being, is up to lenders, according to one market expert.
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Mortgage loan delinquencies spiked at their steepest rate in the past two years last month, according to the latest data from Fitch Ratings. New delinquencies rose among all types of loans.
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Two members of Congress have put forth proposals to help prevent Americans from losing their homes during the COVID-19 pandemic. House Financial Services Committee Chairwoman Maxine Waters (D-California) introduced the Emergency Housing Protections and Relief Act of 2020 to provide financial assistance to struggling homeowners and renters, and Sen. Elizabeth Warren (D-Massachusetts) introduced the Protecting Renters from Evictions and Fees Act of 2020.
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Another 723,000 homeowners became past due on their mortgages in May, pushing the national delinquency rate to its highest level in 8.5 years, according to the First Look at May mortgage data from Black Knight.
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After three weeks of declining mortgage loan forbearance activity, forbearances surged again this week, according to the McDash Flash Forbearance Tracker from Black Knight. As of the data released Friday, 8.8% of all active mortgage loans are in a state of forbearance.
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According to a survey by Lending Tree, nearly 70% of home sellers responded that they would be willing to accept a lower offer than the original asking price for their properties.
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The Federal Reserve Board recently released its Report on the Economic Well-Being of U.S. Households. The report provided results from the responses to the 2019 Survey of Household Economics and Decision making (SHED), as well as from responses to a follow-up survey conducted in April 2020. Surveyed items included income, employment, dealing with expenses, banking and credit, housing, education, and retirement.
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Mortgage rates hit a new all-time low, as the average 30-year fixed-rate mortgage reached 3.13% in Freddie Mac’s Primary Mortgage Market Survey.
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Many homeowners are still feeling some concern about their ability to pay their mortgage, according to a survey by Clever. According to the survey, 2020 home buyers are more than twice as likely to report feelings of anxiety and stress than home buyers who bought in the last five years, and they're less likely to report feelings of comfort, security, happiness, and pride.
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