Pandemic policies have undoubtedly shaped the way the U.S. housing market
has functioned throughout the health crisis, which has had countless ripple
effects across different industries and walks of life.
Less often discussed is the impact of the federal government’s mortgage
forbearance program, which has allowed homeowners to pause payments during
the crisis. At its peak, more than 7.2 million homeowners were in the
program, but the nation’s economic recovery helped give most of them the
breathing room to organize a plan, whether it meant modifying a loan,
selling to take advantage of the market or waiting out the storm for as
long as possible.