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.
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:
– 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%