The number of homeowners in forbearance has been falling steadily since the peak over a year ago. Unoftarely, the number of distressed renters has not been so lucky, according to Annie Nova over at CNBC…(CNBC)
- How bad is it? “By the end of August, just around $5 billion had been spent…” This is despite the fact that billions in rental assistance was set aside in both stimulus packages passed in December and March.
- It gets worse. In certain counties, it is even worse. “Around 1 in 4 renters are behind in the Bronx, New York. A study earlier this year by New York University found that thousands of renters in New York City have debts in excess of $10,000.”
- Why isn’t rental assistance helping? Those that have had access to the program have benefited. Unfornuetly, Nova highlights that the 45 billion has been bafflingly slow to reach families. In fact, “Fewer than 1 million households had been helped.”
Now that the eviction moratorium is over policymakers are worried about an eviction crisis…