by Mish Shedlock, The Street:
37 percent of renters and 26 percent of homeowners are concerned that in the next six months they will face an eviction or foreclosure.
This hardship continues to be concentrated among renters, younger and lower-income households, and urban dwellers. Missed payment rates are highest for renters (32 percent), households earning less than $25,000 per year (40 percent), adults under the age of 30 (40 percent), and those living in high-density urban areas (35 percent).
Struggle in May, Struggle in June
Black Knight
Separately Black Knight reports Mortgage Delinquencies Increase Another 20% in May to Hit Highest Level Since 2011.
Foreclosures and Evictions
The initial Cares Act prohibited foreclosures and eviction until May 17.
It was extended until June 30, 2020 under guidelines issued by Fannie Mae, Freddie Mac, FHA, VA and USDA.
On June 17, the FHFA announced that the June 30 moratorium expiration is now extended for Fannie Mae and Freddie Mac mortgages until August 31, 2020.
Rent Rules Vary Widely
In contrast to mortgages, rental evictions vary widely.
Cascading Problems
If you are a small-time landlord in a state where it is hard to evict, you will have a problem paying the mortgage on your property.
How Hard is it To Get Evicted in Your State?
Some states like texas offer no protection. In other states including Massachusetts and Delaware, it is very difficult to evict a non-paying tenant.