From the Consumer Financial Protection Bureau (CFPB), which was created after Wall Street almost collapsed the economy in 2008, we learn that over 11 million people – nearly 10 percent of U.S. households – may be at risk of losing their homes unless immediate action is taken. More homeowners are behind on their mortgages now than at any time since 2010, which was the peak of the Great Recession.
What's worse, with the pandemic, communities of color continue to be disproportionately impacted. Indeed, Black and Hispanic families are more than twice as likely to report being behind on their housing payments than white families. Specifically,
* The number of homeowners behind on their mortgage has doubled since the beginning of the pandemic—6 percent of mortgages were delinquent as of December 2020.
* 2.1 million homeowners are more than 90 days behind on payments - which is 5 times larger than when the pandemic began - making them “seriously delinquent”.
* Nearly 10 percent of renters reported that they’re likely to be evicted in the next two months, with the rates highest among Black and Hispanic households.
You can read the CFPB report by clicking here.
- Mark
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