Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster. event: All eyes on purchase

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2021 Agent Rankings now live

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This is how much unpaid federal workers owe in housing payments

Federal workers owe $438 million across mortgage, rent payments

Amid disagreements regarding funding for President Donald Trump’s border wall, the United States government has remained partially shutdown for the past two weeks.

With no indication of the stalemate coming to an end, thousands of government workers are working without pay.

Unfortunately, these Americans, like many around the country, still have to pay their rent and mortgages.

In fact, new data from Zillow indicates that federal employees that own homes make about $249 million in mortgage payments each month.

When it comes to renters, Zillow highlights that data collected from HotPads, an apartment and home rental site, reveals that federal workers pay $189 million each month for housing.

Combined that’s a whopping total of $438 million in housing dollars at risk.

“The effects of the federal government shutdown on the housing market are wide-ranging and personal: Unpaid workers still have to pay their mortgage or rent, while aspiring homeowners might see their loans in limbo,” Zillow writes.

According to the company, about 3,900 mortgage originations are processed for loans backed directly by federal government agencies each business day. Although there isn’t official word on how many of these loans could have been delayed, as many as 39,000 mortgages could have been impacted.

Notably, the Department of Housing and Urban Development has been working to prevent any evictions that could occur as a result of the shutdown. In fact, the government entity mailed letters to 1,500 landlords, pleading they halt evictions and use reserves due to the lapse in funding for multifamily programs, according to Zillow.

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