Demonstrators march for housing justice in the Old Town neighborhood in Chicago, IL on June 30, 2020, demanding a lift on the Illinois rent control ban and a cancellation of rent and mortgage payments during the COVID-19 pandemic.
The improvement, however, is slowing dramatically, which could hit the mortgage market harder in the coming months than previously expected.
The past week's tally of borrowers in forbearance marks a decline of 92,000, or 3%, from the previous week.
"What happens next will be heavily dependent on homeowners' ability to get back on track in making full or perhaps modified mortgage payments when those forbearance plans end."
The one encouraging sign is that fewer borrowers are applying for mortgage bailouts for the first time.
Black Knight, Andy Walden
Old, Chicago , IL, Illinois