Homeowners Aren’t Immune to the PainPosted by: jhon | Posted on: November 19, 2020
The financial pain wrought by COVID-19 has rippled through the housing market. Even folks lucky enough to own their own homes in a time of record-high house prices and a historic shortage of properties for sale haven’t been immune to the harsh economic impact of the pandemic.
While homeowners have typically fared better than renters, many lost income and fell behind on their mortgage payments. Roughly 36% earned less money from March through September, with about 6.3 million homeowners falling behind on their mortgages in October, according to the annual State of the Nation’s Housing 2020 report from the Joint Center for Housing Studies at Harvard University.