Only about 28% of mortgage that entered COVID-related forbearance plans have been removed.
About 2/3 of mortgages that were initially granted a 3 month COVID-related forbearance have been granted a second three month extension until September or October.
Just under 3 million mortgages are 90 days or more delinquent.
The foreclosure process is not quick, so there will not be a fast reversal in the market unless mortgage providers also slow or stop lending. Cincinnati has fared better than most metros, but it does seem likely that the extreme seller's market we've experienced over the past two years will become more balanced in 2021 and 2022. This means 2020 may be the last in a series of years where we've seen 7-10% increases in home prices and buyers may have more choices. Please contact me to discuss how we can navigate this market and find what you need at 513-830-8227 or email@example.com. I would be happy to discuss further.