There was, as expected, a huge improvement in the number
of forbearance plans during the week ended July 6. Black Knight reports that
the number of homeowners in plans dropped by 189,000. This brought the total to
1.86 million, 3.5 percent of all active mortgages. This is the first time the
total has dropped below 2 million since April 2020. The decline came following quarterly servicer reviews
of the large volume of borrowers who entered the program at the start of the
pandemic. Those early entries have reached their 15th month of forbearance
protection and, unless the program is extended, will reach final expiration in
three months. At the same time, new entries and program reentries hit a new low,
a total of fewer than 26,000.

 

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