Distressed

Shannon King, a single mother, left the Bay Area a decade ago as housing costs soared, hoping to find an affordable place to live in southern Oregon.

More defaults will lead to an increase in distressed sales, and that will drive down prices, CoreLogic said.

Nowhere is the widening gap between real estate and the real economy more apparent than in Las Vegas, where tourism is in ruins, wages are plunging and home prices just keep rocketing higher.

Any roadmaps for client service that existed before the pandemic have changed, according speakers at DigMo2020.

After flattening over the three prior weeks, the number of loans going into coronavirus-related forbearance dove at a rate not seen since early August, according to the Mortgage Bankers Association.

While still greatly trailing year-ago numbers, mortgage foreclosure activity jumped in August from July as moratorium restrictions started lifting and courthouses reopened, according to Attom Data Solutions.

Some of the cures were the result of short-term remedies and could reverse as relief measures end.

"The current economic crisis continues to disproportionately impact borrowers with FHA and VA loans," said Mike Fratantoni, the MBA's senior vice president and chief economist.

Without further government help, that rate could double again by 2022, CoreLogic said.

Today there are 1 million fewer Americans in forbearance than there were at the peak in May, according to Black Knight.