What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

CoronavirusReal Estate

Rent is due, and many can’t afford it

Almost half of New York renters said they will struggle to make today's rent payment

In New York, almost 44% of renters say they will struggle to pay their rent in May, according to a survey conducted by PropertyNest.

The survey revealed that 18 through 24-year-olds made up the largest age group who were not able to afford rent for April and May. And the survey showed that women are struggling to pay for rent more than men.

“In a city like New York where renters make up the majority of residents, the fate of renters has an enormous impact on real estate sales and investment,” said Ruth Shin, founder and CEO of PropertyNest. “Almost half of renters in New York City are facing economic uncertainty.”

Mortgages, student loans, even car payments and evictions have been put on hold in light of COVID-19, which means renters get more time to figure out a plan.

CEO and Co-Founder of Visual Lease, Marc Betesh, told HousingWire that while some temporary solutions have been introduced, they aren’t necessarily a fix.

“The conversations that need to take place are, if there’s difficulty in paying rent, you don’t bury your head in the sand, but rather make a phone call,” Betesh said. “See what you can work out.”

Over half of those who responded to the survey said that they would pay their rent as usual on May 1 (55.7%). But, there was still 11% that said they wouldn’t have the money for May 1 rent and 10.8% said they would have to wait until they received their stimulus check.

If landlords aren’t recieving rent payments, then mortgages won’t get paid, and both the renter and the landlord will be in hot water.

“If the tenants don’t pay the rent, then the landlords can’t pay their mortgages,” Betesh said. “Then the mortgages, just like on the lease, have very severe penalties if you don’t make the mortgage payments. You can be foreclosed on.”

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