In Episode 151 of the Wandering But Not Lost Podcast, co-hosts, Jan O’Brien & Matt Emerson pontificate about the Biden Amistration's impact on Real Estate. The new Administration has a lot on their plate from COVID to Climate and a whole lot of economic recovery in between. We're going to take a look at what the next stimulus bill may look like and what happens to homeowners and renters now and the possibilities for the future. We're also going to take a quick look at the Behr 2021 Color Trends - so if you're looking to change it up a bit on the interior or exterior of your house - we have you covered.
Executive Order Signed - January 20th
Extension of the Eviction and Foreclosure Moratorium
On Tuesday, the Federal Housing Finance Agency extended for a fifth-time a moratorium on single-family foreclosures and real estate-owned evictions for loans backed by Fannie Mae and Freddie Mac until Feb. 28, 2021.
HUD had previously extended its moratoriums for loans backed by the Federal Housing Administration in late December – also through the end of February.
Although foreclosures have remained at record lows due to the widespread moratoriums, data analytics giant Black Knight estimated seriously past-due mortgages (90+ day delinquencies) were still 1.8 million above pre-pandemic levels in November.
Biden had previously outlined strategies to mitigate foreclosures and evictions in his housing agenda, which included a Bill of Rights that will prevent mortgage servicers from advancing a foreclosure when the homeowner is in the process of receiving a loan modification.
70% of homeowners have at least 20% Equity
Mortgage Interest Rates still under 3%
Biden Stimulus Package Proposal
$1.9 trillion stimulus unveiled as the American Rescue Plan, includes a call for extending the national moratorium on evictions and foreclosures until Sept. 30, while also setting aside funds to provide legal assistance to households facing foreclosure or eviction.
Biden is also calling for an additional $30 billion in funding for emergency rental, energy, and water assistance for hard-hit households, plus $5 billion in emergency assistance to people experiencing or at risk of homelessness.
From home financing to home construction, Biden’s plans are focused on affordability. Here are some policies he could push for:
Subscribe to Keeping Current Matters http://trykcm.com/a131126
14 Day Trial - then get a $25 gift card when you use our referral link!
Say goodbye to 2020 and hello to the future! There is a good chance that you've spent more time than usual in your home this past year. No doubt you've thought more than once that it might be time for a little makeover. Well, there is no time like the present and we have you covered. Just click the link below to discover the calming and colorful trends for 2021 brought to us by Behr...