Almost One-Third of Americans Missed July’s Housing Payment
July 10, 2020
As the economy continues to find its footing, millions of Americans are finding themselves falling behind. In July, 32% of households either missed their housing payment or paid only a portion, according to the real estate website Apartment List. This marks the fourth consecutive month of “historically high” levels of missed payments.
The good news is that the majority of these payments, in months passed, were made by the end of the month. June saw 30% of households missing a payment in the first week of the month, but almost 90% of households had made a payment by the end of the month.
Some experts worry though that the addition of late fees and late payments may put some households in a vicious cycle of barely getting caught up before the next month’s payment is due. Experts also worry that this could presage a wave of evictions and foreclosures once state and federal moratoriums are lifted.