Issue link: http://dsnews.uberflip.com/i/1345366
7 Journal Compiled by the DS News Staff TA K E A L O O K I N S I D E T H E N U M B E R S DATA BITS Source: ATTOM Data Solutions, Q4 2020 1.2 MILLION MORTGAGERS FEAR LOSING THEIR HOMES More than a million mortgagers in a recent survey said they fear they are at risk of eviction or foreclosure or being forced to move in the next 30 days. Mortgage Bankers Association's (MBA) Research Institute for Housing America (RIHA) Q4 2020 analysis showed, in particular, that 5 million households did not make their rent or mortgage payments in December, and 2.3 million renters and 1.2 million mortgagors said they feel they are at risk of eviction, foreclosure, or otherwise compelled to leave their homes. e survey showed in December, 7.9% of renters (2.62 million households) missed, delayed, or made a reduced payment, while 5.0% (2.38 million homeowners) missed their mortgage payment. Compared with previous periods, the data reveals the percentage of homeowners and renters behind on their payments has decreased since last year's third quarter. "Gradual improvements in the labor market and economy helped more renters and homeowners make their housing payments at the end of 2020. However, the COVID-19 pandemic continues to cause financial stress for millions of Americans, and particularly for those who rent and have student loan debt," said Gary V. Engelhardt, Professor of Economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University. "Despite 5 million renters and homeowners not making their December payment, fewer believe they are at risk of eviction, a foreclosure, or would be forced to move in the next 30 days. is confidence is perhaps an indication that direct checks and enhanced unemployment benefits, rental assistance, mortgage forbearance programs, and a federal eviction moratorium have so far been effective in keeping people in their homes." One highlight from the study reflects how property owners are directly impacted by renters' ability or inability to make payments. "Property owners continue to play a key role in helping renters," MBA reported: 10.7% of renters missed one payment over the three quarters, 4.0% missed two payments, 2.7% missed three payments, and 5.4% missed four or more payments; and 12% of renters received permission from their landlord to delay or reduce their monthly payment (by week). In aggregate, rental property owners lost as much as $7.2 billion in fourth-quarter revenue from missed rent payments. is was down from over $9.1 billion in the third quarter. Added Engelhardt, "A rapid rollout of vaccines will hopefully slow the virus and lead to a larger reopening of the economy later this year. is would help the labor market and give affected households the opportunity to get back to work, resume their housing and student debt payments, and pay back past-due amounts." I N S I D E T H E J O U R N A L | I N F O S T R E A M | T H E D I G I TA L E D G E | M O V E R S & S H A K E R S A look at facts you didn't know you couldn't live without. According to The Zebra, nearly twice as many people live at home with their parents in 2020 than in 1960. According to the MBA, more than 1.2 million mortgagors and renters report they feel they are at risk of eviction or foreclosure. HAWAII 0.28% $606 ALABAMA 0.41% $895 COLORADO 0.51% $1,113 LOUISIANA 0.55% $1,187 DISTRICT OF COLUMBIA 0.56% $1,221 SOUTH CAROLINA 0.57% $1,238 DELAWARE 0.57% $1,240 WEST VIRGINIA 0.58% $1,269 NEVADA 0.60% $1,310 WYOMING 0.61% $1,319 STATES WITH LOWEST PROPERTY TAX RATES NEW JERSEY 2.49% $5,419 ILLINOIS 2.27% $4,942 NEW HAMPSHIRE 2.18% $4,738 CONNECTICUT 2.14% $4,658 VERMONT 1.90% $4,135 WISCONSIN 1.85% $4,027 TEXAS 1.80% $3,907 NEBRASKA 1.73% $3,754 NEW YORK 1.72% $3,749 RHODE ISLAND 1.63% $3,548 STATES WITH HIGHEST PROPERTY TAX RATES STATE EFFECTIVE TAX RATE STATE EFFECTIVE TAX RATE VP, Single-Family Credit Risk Policy, Fannie Mae Page 34 THE EXCHANGE WITH Cyndi Danko ANNUAL TAXES ON $217.5K HOME ANNUAL TAXES ON $217.5K HOME