The number of homeowners missing housing payments dropped in the second quarter of this year, an improvement that comes as the U.S. economy progresses through a limping but steady recovery.
“Slightly fewer renters and homeowners missed payments in the second quarter of 2021 compared to the first quarter,” the Mortgage Bankers Association said in a press release this week.
MBA’s Research Institute for Housing America said in a report released this week that the aggregate of missed rental payments in the second quarter was $7.10 billion, down from $7.48 billion in the first quarter.
The “aggregate number of rental households with missed payments” was down overall, though it was higher in June than in March.
“Homeowners’ employment situation and ability to make their mortgage payments has meaningfully improved since the onset of the pandemic,” RIHA Executive Director Edward Seiler said in the press release.
“Most homeowners still behind on their payments are in a mortgage forbearance plan,” he continued, adding: “For those still facing hardships once their forbearance plan expires, loan modifications, payment deferrals, and loan payoffs – through either refinancing or a home sale – are all options that could prevent a foreclosure.”