There won't be a "wave" of foreclosures since most loans now are on a better position to be modified due to the incredible jump property prices had in the last couple of months, plus most unpaid balances will be applied to the end of the loan after the forbearances.It will look like a "wave" due to the backlog, new cases and the courts (at least in some places in Florida) are streamlining hearings.Expect a more than usual amount of cancelations and a huge increase on are Short-sale options and sales on distressed props (props with equity).With that said the properties left sold at auction are going to be a huge opportunity since most lenders will not adjust their bidding amount to account for the big spike in property values that is why we are seen a lot more properties going to 3party.

While I wouldn't be surprised to see another hike next month, I don't think the Fed has the same kind of room to spike rates the same way we did in the 80s. 

@Eric Stalter we've seen a spike in Holdover tenants due to the lack of rental inventory.

Sarthak,As someone who is familar with the construction industry, it is not uncommon for some builders to ask their clients for more money due to spiking material costs.

Between liability, lack of staff, public image, and a massive spike in crime they are totally overwhelmed and really just put fires out as best they can, so to speak.

I know the news and mainstream economists say the American consumer has great balance sheets, but when I look at this chart, I see two spikes from stimulus checks and now we are back down to a personal savings around Jan of 2018.

What people confuse sometimes is that even though the FED has only done a few hikes, the market is forward looking and the hikes the fed is doing now through the rest of the year have already been priced into the treasury open market, which in turn has caused the mortgage rates to spike so high in a short period.  

Electric can also spike in the summer with A/C.

Electric can also spike in the summer with A/C.

Interest rates are spiking.