The Boston real estate market is booming. Is this another indication that the recovery from the Pandemic Recession is complete for the rich, while low-income households are left behind? No, it isn’t.
It’s primarily driven by the usual suspects in any market: supply and demand. But serious challenges are looming for low-income homeowners. Expect a wave of foreclosures in 2021.
Why are there only a few foreclosures?
An important explanation for why there are so few foreclosures amid so many delinquencies can be found in the Cares Act, the economic recovery law passed in March. It included forbearance provisions that allowed borrowers with government-backed mortgages to postpone (or reduce) payments for up to 12 months if they suffered Covid-related financial hardship.
Boston Real Estate and the Bottom Line
When these forbearance provisions expire in 2021, expect a wave of foreclosures to follow.
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