Just over 3.4 million borrowers, representing 6.4% of all mortgages outstanding, are now in forbearance plans.
That’s an increase of 477,000 loans in just one week, or a nearly 9% jump, according to Black Knight, a mortgage data and analytics firm, which is running weekly tallies.
These forbearances represent $754 billion in unpaid principal and include 5.6% of all Fannie Mae and Freddie Mac loans and 8.9% of all FHA/VA loans.
Spencer Rascoff, the co-founder and former CEO of Zillow, has put his Brentwood Park estate on the market for $24 million, according to Redfin. The asking price is $7 million over the “Zestimate,” or Zillow’s appraisal of what the home is worth.
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We have been saying that the world is heading towards a recession since 2015, as the symptoms the caused the last financial crash back in 2008 have never really gone away, and we could see a lot of sticky plasters that were used to prop up housing markets as short-term solutions as opposed to properly addressing the source of the issues to prevent it from happening in the future.
Mortgage Rates Fall Slightly, Giving the Housing Market More Room to Grow Mortgage rates moved…
