Can America Stave Off ‘Wave of Homelessness’

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb The Best Markets For Residential Property Investors 2 days ago 2020-12-04 Christina Hughes Babb in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Subscribe  Print This Post Previous: Industry Leaders Discuss GSE Privatization Next: Housing Market Stays Strong Amid Slow Economic Recovery Related Articles Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Some 18 million homeowners and renters are late to pay the monthly housing bill, and about a third of those expect to face eviction or foreclosure in the coming months, reported the US Census Bureau in November.According to an article in Business Insider, the outlook is especially dim for renters as well as smaller-scale landlords who rely on tenants’ rent.Tenants nationwide could owe a total of $70 billion in back rent by the year’s end,” BI reports, citing an economist from Moody’s Analytics. “Making matters worse is that many of those who are expected to pay that back rent are also likely receiving unemployment benefits set to expire by the end of the year. A recent report found that about 12 million Americans could lose those benefits on December 26.”Metro areas including New York City, Houston, and Atlanta are at higher risk for increased homelessness, reported BI. The aforementioned Census report, the publication pointed out, suggested that “the New York metro area alone could carry out hundreds of thousands of evictions and foreclosures in the coming months.”Citing a leader from the National Low-Income Housing Coalition, BI reported that the evictions would also result in increased needs for social services.”The costs of emergency shelter, inpatient medical care, emergency medical care, foster care, and juvenile delinquency could spike, it said, putting further stress on local governments and public agencies during the coronavirus pandemic.”Even extensions of foreclosure moratoria, more stimulus, and increased crisis-related unemployment benefits would not necessarily stave off pending problems, according to Business Insider’s Taylor Borden.”Experts have said that even if moratoriums are extended and unemployment benefits continue, that could simply be kicking the can down the road, delaying a wave of homelessness,” she wrote.The article goes on to explore the idea of federal rent and mortgage forgiveness, which President-elect Joe Biden reportedly supports.”Biden said in an interview with Vanity Fair in May that postponing housing payments wasn’t enough and that forgiveness is ‘critically important to people who are in the lower-income strata,'” Borden pointed out, adding a note about the President elect’s plans, detailed on his website, to transform housing and real estate. Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Can America Stave Off ‘Wave of Homelessness’ Data Provider Black Knight to Acquire Top of Mind 2 days ago December 4, 2020 1,205 Views Home / Daily Dose / Can America Stave Off ‘Wave of Homelessness’last_img

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