What Does the End of Mortgage Forbearance Mean for the LBI NJ Real Estate Market
Long Beach Island Real Estate
One of the many changes to the real estate market as a result of COVID was mortgage forbearance. To recap, there was a temporary pause on some homeowners having to pay their monthly mortgage payments. The thinking behind this program was to give homeowners some breathing room during the height of the pandemic. A little over 7 million homeowners took advantage of the program. As the economy has recovered, most of these homeowners have left the program, but there are still over 1.5 million enrolled. With the end of the mortgage forbearance program, many buyers and sellers are left to wonder what impact this will have on the LBI real estate market and the national real estate market. My prediction? It will have little to no effect whatsoever.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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