Name: Landlords Lost $9 Billion In Missed Rent: Q2 2020
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Landlords Lost $9 Billion In Missed Rent: Q2 2020

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Javascript is disabled in your web browser.For full functionality of this site it is necessary to enable JavaScript. Please Allow Javascript and reload this page.(iStock)Almost 11 million households were behind on rent or mortgage payments during the first three months of the .Nearly 6 million of those households were , who reported either missing, delaying or paying reduced rent during the second quarter of the year, according to a report from the Mortgage Bankers Association. Just over 5 million households were homeowners that missed or deferred at least one mortgage payment.Read moreThe on multifamily property owners and mortgage lenders was in the billions, the report found. Unpaid rent cost landlords about $9.1 billion in revenue, while missed mortgage payments totaled an estimated $16.3 billion.The report, produced by MBA’s think tank, Research Institute for Housing America, attributed missed payments to the spike in unemployment and reduction of work hours, but said that despite 11 million troubled households, most renters and homeowners were “largely successful” weathering the first three months of the pandemic.“Data from other sources reveal that this trend has continued through August,” Gary Engelhardt, one of the report’s authors and an economics professor at Syracuse University, said in a statement.The MBA report shows that property owners and lenders offered more than tenants and homeowners actually used in the quarter.Fifteen percent of renters were given permission to defer or reduce their rent, while only 37 percent of those offered this break took advantage of it.A total of 10.5 percent of renters surveyed missed payments at some point during the quarter. Only 6.7 percent of those that missed payments did not receive landlords’ permission.Around 20 percent of homeowners with a mortgage received from their lender to or reduce payments, and 31 percent took the offer.Of those homeowners who didn’t receive a break from their lenders, only 3.3 percent missed a payment.Engelhardt noted that a new federal would be essential to help prevent more households, particularly renters, from running into difficulties paying their housing costs.“Particularly for renters, the combination of those who missed a payment — or were offered and did not take it — is substantive enough to suggest real risk to their ability to make upcoming payments,” said Engelhardt.Contact Erin HudsonTagsarrow_forward_iosHelipad, stables part of biggest ask in Kane CountyParisian-style Gold Coast condo seeks $6.3MDeveloper Jim Onan sells Waukegan condos in $4M bulk saleChicago HQ: Christie’s in Newport ‘just the beginning’Chicago sees quick uptick in additional dwelling unitsThese Chicago real estate companies got the most PPP moneyCondo at Park Tower, where Citadel’s Griffin is selling, fetches $3.9MWinnetka home sells for $4.4Marrow_forward_iosThis website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.NecessaryNecessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.REAL NEWS, REAL DEALS DELIVERED DIRECTLY TO YOUThe Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Javascript is disabled in your web browser.For full functionality of this site it is necessary to enable JavaScript. Please Allow Javascript and reload this page.(iStock)Almost 11 million households were behind on rent or mortgage payments during the first three months of the .Nearly 6 million of those households were , who reported either missing, delaying or paying reduced rent during the second quarter of the year, according to a report from the Mortgage Bankers Association. Just over 5 million households were homeowners that missed or deferred at least one mortgage payment.Read moreThe...

Landlords Lost $9 Billion In Missed Rent: Q2 2020

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