During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program.
With that program, many were concerned it would result in a wave of foreclosures coming to the market. This graph from the New York Fed shows there are still fewer foreclosures happening today than before the pandemic.
While there are more foreclosures now compared to last year (when foreclosures were paused), the number is still well below what the housing market has seen in a more typical year, like 2017-2019.
And most importantly, the number we’re seeing now is still far below the number we saw during the market crash.
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