Breaking Down the Results of Forbearance on the Real Estate Market:
Overall about 5 million households took advantage of forbearance.
1.5 million remain in forbearance and will be exiting soon I suppose.
HERE IS THE BREAKDOWN OF THE FORBEARANCE EXITS:
• 28% went into deferral plan or partial claim
• 23% stayed current & did not miss a payment
• 16% cancelled without going into modification
• 13% made lump sum payment to bring them current
• 12% exited into a modification plan
• 7% paid off loan through home sale
.65% used other options or short sale
If these numbers hold true this means only 2,400 homes would end in short sale or foreclosure.
Bottom line is forbearance foreclosures are very doubtful to impact the market.
