Forbearance Finality

With most, if not all forbearance programs soon to end, I expect three foreclosure waves. First, a foreclosure spike when the moratorium lifts, resulting from households in trouble before Covid-19. Second, a steady monthly stream between now and when the relief programs end. Lastly, a spike at the end when all last-chance relief expires. With prices rising, inventory limited, and forbearance numbers steadily falling, this isn’t a large, looming problem.