This is a sobering chart: Millions of Americans are behind on rent or mortgage payments and are at risk of eviction or foreclosure in the next two months. In Washington state, over 21% are not current. That’s a staggering number!
If people lose their homes, the housing market will no doubt be affected. Hopefully we will pass a stimulus package and extend eviction moratoriums so people can avoid eviction and foreclosure. However, this is only a short-term solution. Long-term, people need to have adequate and steady income so they don’t have to rely on government support. Given these current statistics and because the economic recovery has been slowing, I suspect we will likely see an increase in foreclosed homes next year and in 2022. Exactly how many remains to be seen; a lot depends on the economy. If we can get it bouncing back, then we can limit the damage. If not, things could get ugly. Read the “Dark Winter” article here.