Millions of Americans are facing a housing crisis.
More than 11 million families are behind on rent and mortgage payments due to financial hardships stemming from the pandemic, a new report from the Consumer Financial Protection Bureau revealed. Evictions and foreclosures are looming, the CFPB urged in its report, putting 10% of American families at risk for losing housing.
The CFPB analyzed the housing market during the COVID-19 crisis and found nearly 2.1 million families are at least three months behind on mortgage payments while 8.8 million Americans are late on paying rent.
What’s more, homeowners are slated to owe nearly $90 billion in missed payments collectively – a historic record since the Great Recession, the last time this staggering number of families were behind on mortgage payments, according to the report.
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SOURCE: Fox News, Jeanette Settembre