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On the one hand, the housing market has never been hotter , with supply at record lows and dwindling, while demand from prospective buyers skyrockets. There are 2. These borrowers essentially have their payments on hold for up to days due to a COVIDrelated issue, such as unemployment or reduced earnings. Simply put, there are millions of existing homeowners unable to make payments, and scores of prospective buyers unable to land a property due to supply constraints. At some point, these two stories will merge, and it could land us right back in another foreclosure crisis, similar to what was seen back in One thing that should concern any homeowner, prospective home buyer, and loan servicer the entity that collects monthly payments is what happens post-forbearance. While there are a variety of solutions to pay back the forbearance , such as a partial claim or payment deferral , most expect the homeowner to resume regular payments. The Foreclosure Crisis

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Aaron Glantz: The Housing Crisis Is HERE

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Read to the The Foreclosure Crisis line for the highlights. Want rCisis learn more? Items that are bolded in the top section are expanded upon beneath the red line. Links to our ongoing projects: Housing for All podcast Housing for Us podcast The Foreclosure Crisis channel previous issues of this newsletter Indiegogo prelaunch. With our friends at Outrageous Mechanisms, we distill all the essential information you need to know about reforming the American housing system into 4 episodes. Since the December issue of the newsletter, episodes 2 and 3 were released. Episode 2 continued our discussion of housing systems that work really well and what we can learn from them. After learning about housing in Norway and Singapore in episode 1, we visited the Netherlands, Austria, and Sweden in episode 2, and also had an extended discussion on rent controls. All 5 countries we talk about use rent controls because they are an important tool to make a housing Forsclosure work well.

If you want to learn more, the podcast really is worth checking out. Subscribe today! The final episode is due out soon.

Because the December newsletter was so crowded, we Teh writing about this. Despite being outspent approximately and having the mayor and all but one city council member publicly oppose the measure, rent control organizers succeeded in Portland. Voters overwhelmingly approved a rent control referendum on election day in November Portland is the most populous city in Maine.

Housing for All episodes 2 and 3 released

Since the December issue of this newsletter, the eviction moratorium was extended twice, first under President Trump on December 27 and again under President Biden on January 20, his first day in office. Under Trump, the moratorium was extended to January 31 as a part of the stimulus package. Capitol Hill reporters believed this to be a done deal on December 20, but the stimulus bill did not actually pass until December Trump eventually relented and signed the bill on December The eviction moratorium was a part of the stimulus package. The law simply extends the this web page moratorium imposed by the Centers for Disease Control to January The law does not make any changes to the existing CDC moratorium, a measure we The Foreclosure Crisis at length in the previous issue.

Without this bill passing, the eviction moratorium would have ended on January 1. Prior to taking office, President-elect Biden indicated that he intends to extend the eviction moratorium until September 30 and wants Congress to pass additional financial assistance for renters. On The Foreclosure Crisis first day as president, Biden extended the eviction moratorium to March Without something fundamental changing, we will see a catastrophic homelessness crisis the day the eviction moratorium is allowed to end.

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As discussed in the previous issuea typical renter benefitting from the moratorium owes several thousand dollars in back rent and utilities. The amount owed is too great for a typical renter to ever catch up on; to expect people who lost their jobs due to the pandemic to catch up on 6, 7, 8, or more months of unpaid rent and utilities is preposterous. Though certainly better than nothing, the moratorium was poorly conceived and countless people who should be protected are falling through the cracks, forced into homelessness after losing their job or having hours reduced due to the pandemic.

Neither President Biden nor Trump addressed this issue. Eviction Lab and Nolo continue to keep track of state eviction moratoriums, and you Crisus The Foreclosure Crisis out what will happen in your state if the eviction moratorium is allowed to expire, as scheduled, on March The previous issue discussed the massive variation of approaches between states. The foreclosure moratorium has also been extended twice Foreclosute the The Foreclosure Crisis issue.

First, it was extended until February 28 under President Trump on his last day in office.]