Homeowners should remain confident that there will not be a wave of foreclosures that will destroy their home values or equity overnight. Homebuyers should not be complacent, thinking they can wait for a flood of mortgage foreclosures to cause home prices to drop. While anything is possible, this scenario is incredibly unlikely.

A large wave of foreclosures is extremely unlikely. Homeowners have several options when it comes to dealing with their forbearances, and many homeowners have already dealt with their loans. Any foreclosures will not be commonplace, and both buyers and sellers should be confident the real estate market.

At the end of September, we are facing another expiration. This time it is the end of the forbearance extension. Those that are waiting for this expiration to finally be the death knell of our real estate bull run will be sorely disappointed. Home buyers and homeowners will continue to reap the benefits of a solid real estate market.

As of now, the number of homeowners in a forbearance program is about 1.6 million. Most of these forbearances will expire in the near future, which will require the homeowners to go into an exit plan. What are forbearance exit plans and what options do homeowners have?

The federal government moratorium was set to expire at the end of July and President Biden did not extend it over fear of his legal ability to do so. Instead, President Biden asked Congress to extend it. The situation seemed bleak as Congress was unable to come to an agreement and instead left on their planned recess. Thankfully, the CDC stepped in and extended the eviction moratorium themselves.

Unfortunately, some of the protections put in place by the federal government are expiring at the end of July. At the same time, COVID case numbers are rising all over our nation, which is creating fears of new lockdowns or restrictions. Fortunately, the White House just announced additional measures of relief for homeowners impacted by COVID.

Many prognosticators believe that the pandemic has created the conditions for another crash. Thankfully, history does not always repeat itself. We learned enough from 2008 to make sure the real estate market is not collapsing.

One of the best signs that the housing market will only continue to increase is the number of mortgages in forbearance. The team at Peoples Choice Mortgage is here to give you the latest mortgage forbearance numbers and what they mean for the housing market.

There is a lot to the American Rescue Plan and many of its provisions will have an impact on the real estate market. Whether you own a house, are looking to buy a home, or are thinking about refinancing your mortgage, the details of this legislation is relevant to you. The team at Peoples Choice Mortgage is here to highlight some of the provisions of the American Rescue Plan and what they mean for the housing market.