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As U.S. homebuilder confidence matches record high, mortgage delinquencies rise

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U.S. home builder confidence rose for a third straight month in August to match its highest level ever as record-low interest rates spur a surge in buyer traffic, data released on Monday showed in the latest indication the housing market is standing out as a rare bright spot in the economic crisis triggered by the coronavirus pandemic.

FILE PHOTO: A new apartment building housing construction site is seen in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson

But even as home builder confidence surges, more homeowners affected by the crisis have stopped paying their mortgages, a separate report showed. The figures reflect the struggles faced by millions of homeowners during the crisis, including many participating in a forbearance program that allows people facing financial struggles because of the pandemic to put off their mortgage payments for up to one year. An estimated 4.2 million homeowners had loans in forbearance as of the end of June, according to the MBA.

Housing starts plunged this spring during widespread lockdown orders issued to try to contain the virus, but have rebounded sharply from a six-year low hit in April. The economy fell into recession in February as a result of the COVID-19 pandemic.

 

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In about one year I will step in and start buying properties once again. 2006 to 2009 were great years for me

Here comes the foreclosure tsunami thanks to grimreaper DJT POTUS He’s not my president VoteBlue2020

they got no lumbers to build with, no buyers to sell to. just what are they so confident about ?

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