Connect with us

Hi, what are you looking for?

News

Study reveals 6.1% of Tennesseans behind on mortgage

After a year and a half of the COVID-19 pandemic, many of the policies put in place to protect homeowners and renters are coming to an end, and this fall could see a wave of foreclosures and evictions as a result.

From early on in the pandemic, policymakers enacted measures to protect renters and homeowners from being put out of their homes. The federal government created funds for rent and mortgage assistance, enacted an eviction moratorium to protect renters, and established a foreclosure moratorium and forbearance program for homeowners with federally-backed mortgages. Numerous states and localities followed suit with moratoriums and housing assistance programs of their own, while many private lenders offered mortgage forbearance options in line with the federal policy.

The foreclosure moratorium expired on July 31, with forbearance options remaining available until September 30.

Advertisement. Scroll to continue reading.

In Tennessee, 6.1% of adults reported not being current on their mortgage payment. 

Here is a summary of the data for Tennessee:

– Percentage of adults who were behind on their mortgages: 6.1%
– Total adults who were behind on their mortgages: 321,793
– Median monthly owner costs for mortgage holders: $1,264
– Peak unemployment rate in 2020: 15.6%

For reference, here are the statistics for the entire United States:

Advertisement. Scroll to continue reading.

– Percentage of adults who were behind on their mortgages: 6.5%
– Total adults who were behind on their mortgages: 16,297,059
– Median monthly owner costs for mortgage holders: $1,609
– Peak unemployment rate in 2020: 14.8%

Advertisement. Scroll to continue reading.

You May Also Like

News

A Coffee County Sheriff’s Department deputy has been terminated after he was arrested for alleged DUI while on duty Thursday, Feb. 23. According to...

News

A water main break in the New Union area has left two county schools with no water. New Union Elementary is without water and...

News

A tragic accident occurred on Monday night at 9:24 PM near 3261 Hillsboro Highway, resulting in the death of 60-year-old Timothy Sullivan. According to...

Sports

District superiority is up for grabs Friday night in Manchester. Coffee County Central’s Lady Red Raiders (no. 4 AP) and the Warren County Lady...