Although the housing market is booming, high unemployment means millions of Americans are struggling to make mortgage payments. More than 2.3 million homeowners remain 90 or more days past due on their mortgages, but not in foreclosure, according to Black Knight, a mortgage analytics company.
Foreclosure and eviction protections under the CARES Act have provided some relief for homeowners with distressed finances. But once forbearance protections run out, the biggest fear is there will be a repeat of the 2008 financial crisis.
Here are nine predictions from housing industry experts on the likelihood of a foreclosure crisis. (The text has been lightly edited.)
Who she is: CEO of the Center for NYC Neighborhoods
What she expects: We expect a significant increase in foreclosures unless federal and state governments implement serious measures to assist homeowners.
Her reasoning: In March 2021, government-mandated