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Map of renters facing eviction by state
Posted on 7/29/20 at 11:20 pm
Posted on 7/29/20 at 11:20 pm
quote:
An unprecedented eviction crisis will soon hit the U.S.
On Friday, the federal moratorium on evictions in properties with federally backed mortgages and for tenants who receive government-assisted housing expired. The Urban Institute estimated that provision covered nearly 30% of the country’s rental units.
White House economic adviser Larry Kudlow said on Sunday that he would extend that moratorium, but these tenants are now unprotected from eviction. At the same time, some 25 million Americans will stop receiving the $600 weekly federal unemployment checks by July 31.
And most of the statewide eviction moratoriums are winding down.
The proceedings have resumed in more than 30 states.The moratorium in Hawaii and Illinois end this week, and in August, evictions will pick up in New York and Nevada.
By one estimate, some 40 million Americans could be evicted during the public health crisis.
“It’s like nothing we’ve ever seen,” said John Pollock, coordinator of the National Coalition for a Civil Right to Counsel.
In 2016, there were 2.3 million evictions, Pollock said. “There could be that many evictions in August,” he said.
LINK
But TVs, cars, jet skis, etc are all breaking sales records. Seems like people used their stimulus and unemployment on toys expecting to be further bailed out on their housing situation.
42
Posted on 7/29/20 at 11:23 pm to stout
"Help us, government! We knew this day was coming but heeeeeeeelllllp us!"
Posted on 7/29/20 at 11:23 pm to stout
Wow. 50% in LA? Jesus. That can’t be accurate. It has to be data extrapolated from a small sample.
This post was edited on 7/29/20 at 11:24 pm
Posted on 7/29/20 at 11:24 pm to stout
dont even care about the data, that's a cool visualization of the US map
Posted on 7/29/20 at 11:24 pm to stout
quote:
“It’s like nothing we’ve ever seen,” said John Pollock, coordinator of the National Coalition for a Civil Right to Counsel.
Who could've predicted that shutting down the country would have harsh results?
Posted on 7/29/20 at 11:24 pm to stout
Let’s be honest... most people who are about to get evicted likely couldn’t make rent before the pandemic.
I am a victim of the COVID job losses and hurting right now but I’m nowhere near a place where I can’t pay rent. It’s always priority #1.
I am a victim of the COVID job losses and hurting right now but I’m nowhere near a place where I can’t pay rent. It’s always priority #1.
Posted on 7/29/20 at 11:26 pm to DiamondDog
quote:
Wow. 50% in LA? Jesus. That can’t be accurate
Why can't it? LA was already pretty bad off in many areas prior to COVID. From a mortgage perspective, LA was one of the busiest states in the foreclosure industry per capita.
Posted on 7/29/20 at 11:26 pm to stout
quote:
That can’t be accurate.
Yea I don’t see it. I haven’t had a late payment since all this happened and I’ve got double digit properties. Just doesn’t seem likely to me.
Posted on 7/29/20 at 11:28 pm to stout
quote:
tenants who receive government-assisted housing expired.
How much is rent in Section 8 housing?
Posted on 7/29/20 at 11:28 pm to LSUJML
quote:
How much is rent in Section 8 housing?
$3.50
Posted on 7/29/20 at 11:28 pm to stout
90+% of rent have been made on time as of late and now half of renters, what amounts to 10% of the US pop will be evicted? Okay.
Posted on 7/29/20 at 11:28 pm to jcaz
quote:
I am a victim of the COVID job losses and hurting right now but I’m nowhere near a place where I can’t pay rent. It’s always priority #1.
I am not exaggerating when I say that car sales, RV sales, boat sales, electronics, etc are all experiencing insane numbers right now. You are probably smart enough not to go off and spend your unemployment thinking it would last forever but many are doing exactly that thinking they would get more money for housing later on.
Posted on 7/29/20 at 11:29 pm to JJ27
Close 
Min wage is 7.25 x 40 hours x 4 weeks in a month = 1160
30% of 1160 = 348 rent
1200.00 stimulus would have covered 3.4 months of rent
quote:
How much rent do you pay if you live in Section 8, HUD Housing, Public Housing, Rural Rental Assistance, or have a Housing Voucher? The simple answer is: You pay 30% of your income. Your income is $100, you pay $30. Your income is $1,000, you pay $300.
Min wage is 7.25 x 40 hours x 4 weeks in a month = 1160
30% of 1160 = 348 rent
1200.00 stimulus would have covered 3.4 months of rent
This post was edited on 7/29/20 at 11:34 pm
Posted on 7/29/20 at 11:30 pm to stout
Landlords with FHA and other government backed mortgages are going to be ok since many are taking advantage of mortgage forbearance/deferrals for up to 12 months allowing their cash flow to be uninterrupted.
Posted on 7/29/20 at 11:31 pm to stout
Recreational boat and RV sales are through the roof
Posted on 7/29/20 at 11:31 pm to nugget
quote:
Yea I don’t see it. I haven’t had a late payment since all this happened and I’ve got double digit properties. Just doesn’t seem likely to me.
I am in the foreclosure servicing industry. I know it's not the same as renters but mortgage inspections, which always start when people are 60 days late to determine occupancy, have more than tripled from where we were before this started. Knowing what I know, and dealing with it on a daily basis, I don't find it hard to believe at all.
Glad you are fortunate, though.
Posted on 7/29/20 at 11:34 pm to Paul Allen
quote:
mortgage forbearance/deferrals for up to 12 months
I talked to my banker the other day about this as he has some hotels going through this. Isn’t the interest occurred pretty high?
Posted on 7/29/20 at 11:35 pm to Paul Allen
quote:
Landlords with FHA and other government backed mortgages are going to be ok since many are taking advantage of mortgage forbearance/deferrals for up to 12 months allowing their cash flow to be uninterrupted.
The standard for forbearance is to be paid all at once after the forbearance period is over with or to spread it out over the next 6 to 12 payments on top of your normal payment. It's not common to add the amount onto the back end of the loan and is done on a case by case basis with approval from FHA, HUD, etc. It'll be interesting how many people qualify for that vs having to pay it in a lump sum.
Posted on 7/29/20 at 11:37 pm to nugget
quote:
Isn’t the interest occurred pretty high?
It's probably very different on commercial properties so no telling what sort of fees the bank will hit them with. The banks are still paying on the money they borrowed to loan out while the mortgage is in forbearance so no doubt they will nail the hotels with a ton of fees.
Posted on 7/29/20 at 11:38 pm to stout
That’s the worst map I’ve ever seen. Just use a regular map.
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