This hard truth about the mortgage markets isn't being told

[marmar]

(Market Watch) Everyone wants to know what impact the coronavirus and the government response to it will have on housing markets. While it is too early to hazard a guess, some things are becoming increasingly clear.

Already, it looks as if the U.S. is moving towards a temporary moratorium on mortgage payments. Fannie Mae and Freddie Mac unveiled an emergency program which provides a two-month deferral of mortgage payments for any homeowner who claims to be facing a hardship because of the virus. The payments will be tacked on at the end of the mortgage term.

....(snip)....

It is not much of a stretch to say that this virus has changed everything. Many of you may sense that the virus has undermined what you thought was still a fairly strong housing market around the country.

In truth, the so-called housing recovery since 2010 has been little more than a carefully constructed illusion. The belief in a strong housing recovery was carefully devised using a strategy of misleading information, withheld data and false impressions. .......(more)

https://www.marketwatch.com/story/heres-the-hard-truth-about-the-mortgage-markets-that-isnt-being-told-2020-04-02?mod=home-page

[no_hypocrisy]

1. How will this crisis affect financing the purchase of homes?

Buyers will continue to apply for mortgages. Will they have to pay mortgages while existing mortgagors get suspensions?

[Wellstone ruled]

2. Home Sales in our area

are worse than dead. By the end of May,my fear is the Repo Man will be busy.

[pansypoo53219]

3. everything should be set on pause.