With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four reasons why that won’t happen.
>>There are fewer homeowners in trouble this time After the last housing crash, about 9.3 million households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank. As of last Friday, the total number of mortgages still in forbearance stood at 1,863,000. That’s definitely a large number, but nowhere near 9.3 million.
>>Most of the 1.86M in forbearance have enough equity to sell their home Of the 1.86 million homeowners currently in forbearance, 87% have at least 10% equity in their home. That’s important because it enables homeowners to sell their house and pay...
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