The Intelligence from The Economist Neither borrower nor renter be: America’s coming foreclosures
Jul 30, 2021
In this engaging discussion, Alice Fullwood, Wall Street correspondent and housing market expert, teams up with Matt Steinglass, Europe correspondent, to tackle pressing issues. They delve into the looming housing crisis as pandemic protections expire, exposing the struggles of vulnerable families facing foreclosure. Additionally, they explore a compelling exhibition in the Netherlands that confronts the country’s colonial past and the innovative marketing behind the polarizing Marmite brand, sparking discussions on heritage and consumer behavior.
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Economic Recovery and Foreclosure Crisis
- The US economy is recovering, with GDP growth and positive indicators like job growth.
- However, a looming foreclosure crisis threatens millions, despite a housing market boom.
Miami's Housing Paradox
- Economist correspondent Alice Fullwood visited Miami, observing a housing boom with prices up 20%.
- Simultaneously, Miami faces the highest rate of mortgage delinquencies in the US, nearing 8%.
Mortgage Delinquency Statistics
- Roughly 6% of US mortgage holders are delinquent, with over 4% seriously delinquent (over 3 months behind).
- About 2 million households are at risk, disproportionately affecting Black and Hispanic, poor, and families with children.