CFPB Report Examines Possible Housing Challenges

CFPB Report Examines Possible Housing ChallengesThe CFPB recently issued a special report titled, “Housing insecurity and the COVID-19 pandemic,” which warns that unless further public and private action is taken, the country could see widespread evictions and foreclosures once the federal, state, and local pandemic protections end.

According to the CFPB’s report, over 11 million are behind on their rent or mortgage payments, with 2.1 million of those being behind at least 3 months – equating to roughly $90 billion in missed payments.

Refining the numbers even further, the CFPB found that 28% of manufactured home residents reported being behind on payments, while 18% of those in small-to-mid-sized multi-unit buildings and 12% of those in single family homes reported being behind as well. In addition, the report showed that 9% of renters (who don’t have the same protections or options as homeowners) believe they’ll likely be evicted.

For more information, check out the CFPB’s full report here.

 

Sources:
Consumer Financial Protection Bureau (CFPB) – consumerfinance.gov
MortgageOrb – mortgageorb.com