Massachusetts Forbearence Numbers and potentail listings impact

[Timothy Lewman]

Hi,

I did a quick analysis of the tidal wave of foreclosures from Covid related delinquent loans.  The numbers are imperfect - but the latest available.  In short, we have 1.125 million mortgages in Mass (as of 2019) and a 5% delinquency rate (as of 2/21) so that laves us with about 56,274 that are in peril.  Depending upon how many homes actually get listed to pay off the arrears (either forced sale or foreclosure) an how long it takes to process all of them, we may see increase in listings of 9% to 106%.  In a market that is desperate for inventory, these listings will help normalize the market back to pre-Covid levels- and not crash it.  We can easily absorb a doubling of listings, more supply will stop all of these insane 17% yoy price increases. 

I did a video walk though, please click the link:  Video walk through