A potential housing crisis is on the way for millions of Americans whose mortgage and rent deferrals are about to sunset.
Evictions loom as the end of state and local moratoriums will no longer protect homeowners and tenants unable to make payments because of COVID-19 lockdowns. A minority of U.S. states have already expired orders against evictions, and a host of others across the country are set to expire over the next two months.
Once they do, residents are facing a possible flood of eviction notices for non-payment legal actions. The COVID-19 Eviction Defense Project (CEDP) predicted recently that by the end of September, more than 20 million U.S. renters —many of them Black and Latino located in big cities — will be at risk for eviction.
According to data released on Friday by mortgage tracking firm ATTOM Data Solutions, homeowners most at risk for foreclosures during the second quarter were those in metropolitan markets along the East Coast and in Northern Illinois, with clusters of troubled borrowers in New York City, Chicago, Baltimore and Washington, D.C.
“There are millions of Americans now unemployed due to the pandemic with greatly reduced means to keep up on their mortgages,” Todd Teta, ATTOM’s chief product officer,.
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