The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

CoronavirusReal Estate

More than 20 million renters could soon be evicted

Unemployment benefits are set to end later this month

As COVID-19 cases surge, more Americans are finding themselves unemployed and with not enough government assistance.

Since mid-March, 44 million Americans have filed for unemployment. These benefits are set to expire at the end of this month, leaving millions with an uncertain financial future.

With 110 million people living in rented households in the U.S., mass evictions are a possibility for one in every five renters, according to data from The Aspen Institute. Depending on continued unemployment, up to 23 million people could be evicted by the end of September.

The Aspen Institute estimated that renters may need $144 billion in assistance, based on data from the National Apartment Association and National Multifamily Housing Council.

Emily Benfer, the chair of the American Bar Association’s Task Force Committee on Eviction, said in a recent interview with CNBC that the possibility of so many people getting evicted is unprecedented. Benfer is also co-creator of the COVID-19 Housing Policy Scorecard with the Eviction Lab at Princeton University.

“We can expect this to increase dramatically in the coming weeks and months, especially as the limited support and intervention measures that are in place start to expire,” Benfer said. “About 10 million people, over a period of years, were displaced from their homes following the foreclosure crisis in 2008. We’re looking at 20 million to 28 million people in this moment, between now and September, facing eviction.”

In terms of eviction moratoriums, which have been few and far between in the U.S., Benfer said that there needs to be a nationwide, uniform moratorium put in place to avoid issues that may arise if mass evictions happen.

For rent due in August, 31% already know they probably won’t be able to make the payment.

“The owners that are the most likely to be affected by the eviction crisis right now are those who have small properties and don’t have the financial cushion to make ends meet over a period of months when they’re not receiving that rent,” Benfer said. “Once that’s in place, we really need to start addressing the root causes of the eviction crisis and the lack of affordable housing.”

Leave a comment

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

William Raveis ain’t no stinkin’ iBuyer

Like others, resi brokerage & lender William Raveis is happy to buy your home. But its new program doesn’t mean it’s an iBuyer.

Apr 09, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please