Foreclosures

The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins.

But distress could be compounded in a limited number of state and local areas that have been left out of the broader boom in the market, an Urban Institute report found.

While the Mortgage Bankers Association hailed the move, some experts say it could negatively impact housing inventory.

With President Biden extending the moratorium, foreclosures hit an all-time low at the start of 2021 as millions of delinquent borrowers avoided entering the process, according to Attom Data Solutions.

Gains in consumer financial stability helped to decrease the rates of distressed home loans, but job creation is needed to make recovery sustainable, a CoreLogic report found.

The housing market’s boom led to more borrowers building home wealth but the pandemic’s negative impact brings concern for underwater owners, according to Attom Data Solutions.

The CARES Act-related forbearances could be “lulling us into a false sense of security” as 12-month expirations approach, according to Black Knight.

The move is in line with expectations that the Federal Housing Administration would extend more consumer relief amid the transition in Washington to Democratic leadership.

The government-sponsored enterprises’ moratoria will now continue well past inauguration day, according to the Federal Housing Finance Agency.

While the annual total marks a 16-year low, the numbers are likely to change dramatically once government moratoria expire, according to Attom Data Solutions.