32% of U.S. households missed their July housing payments

[G_j]

https://www.cnbc.com/2020/07/08/32-percent-of-us-households-missed-their-july-housing-payments.html

As the economic fallout from the coronavirus pandemic continues, almost one-third of U.S. households, 32%, have not made their full housing payments for July yet, according to a survey by Apartment List, an online rental platform.

About 19% of Americans made no housing payment at all during the first week of the month, and 13% paid only a portion of their rent or mortgage.

That’s the fourth month in a row that a “historically high” number of households were unable to pay their housing bill on time and in full, up from 30% in June and 31% in May. Renters, low-income and younger households were most likely to miss their payments, Apartment List found.

In April, May and June, the majority of missed housing payments were made by the end of month, Apartment List reports. Almost 90% of households had paid some or all of their rent or mortgage payment by the end of June. But with late fees tacked on, those households may be more likely to miss their next housing bill, perpetuating a vicious cycle.

..more..

[Victor_c3]

1. For the sake of comparison, here's information from 2018

I only found data for homeowners

Fannie Mae and Freddie Mac, are the best performers; about 97 percent of them are paying on time. Borrowers with Federal Housing Administration-insured (FHA) mortgages pay late nearly three times more frequently; even so, more than 91 percent of them are on time.

https://www.washingtonpost.com/realestate/more-people-pay-their-mortgages-on-time-but-how-long-will-this-good-news-last/2019/02/25/044becba-3926-11e9-aaae-69364b2ed137_story.html

The article said these were some of the best numbers they’ve seen in years.


Scary, scary stuff