Posted To: MND NewsWire
With the federal moratorium on evictions expiring on July 31, it is becoming apparent that there is a real housing crisis looming. Not one like we saw in 2007 and 2008 when housing prices plummeted, and millions of homeowners defaulted on their mortgages. This time around, the federal government and both government and private sector lenders took a lot of steps to protect homeowners and continue to do so. The worst impact of the pandemic is poised to hit an entirely different cohort of households, those who rent their homes. So far, government actions have protected most tenants, but they have not been afforded the soft landing options available to homeowners when the pandemic is declared “over.” Perhaps, however, the looming disaster is starting to get some attention. On Friday both the Department…(read more)
Source: Mortgage News Daily
