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【World Property Journal】Over 6 Million U.S. Renters, Owners Missed Housing Payments in September

【World Property Journal】Over 6 Million U.S. Renters, Owners Missed Housing Payments in September


According to third-quarter 2020 research released today by the Mortgage Bankers Association's Research Institute for Housing America, over 6 million households did not make their rent or mortgage payments and 26 million individuals missed their student loan payment in September 2020.

The new findings offer fresh insights to RIHA's study, Housing-Related Financial Distress During the Pandemic, which was first released in September. During the third quarter, the percent of homeowners and renters behind on their payments decreased slightly from the second quarter, but the overall amount remains high. In September, 8.5% of renters (2.82 million households) missed, delayed, or made a reduced payment, while 7.1% (3.37 million homeowners) missed their mortgage payment. The proportion of student debt borrowers who missed a monthly payment has remained steady - at 40% - since May.

"Rent and mortgage payment collections improved over the summer as more people went back to work, but high unemployment continues to place hardships on millions of U.S. households. There is growing concern that absent a slowdown in the number of coronavirus cases and another round of muchneeded federal aid, millions of households in the coming months face the prospect of falling further behind," said Gary V. Engelhardt, Professor of Economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University. "With the current eviction moratorium expiring in January, the situation could be even more challenging for renters. Many renter households across the country could find themselves with no place to live and no means to repay missed payments."