Here’s your weekly list of fun, upcoming events!
Best of Online Entertainment
- WandaVision (Disney+) – /This new show blends the style of classic sitcoms with the Marvel Cinematic Universe in which Wanda Maximoff (Scarlet Witch) and Vision -two super-powered beings living their ideal suburban lives-begin to suspect that everything is not as it seems.
- Batwoman (CW) – Season 2 of the series kicks off with a new leading lady in the title role. Javica Leslie makes her debut the first Black woman to ever don the iconic batsuit.
- One Night in Miami (Amazon Prime) – Directed by Regina King and riding a wave of awards buzz, One Night in Miami is a fictional story based on a real historical event: the February, 1964 evening when Muhammad Ali, Sam Cooke, Malcolm X, and football player Jim Brown met up to celebrate an Ali win.
- Night Stalker: The Hunt for a Serial Killer (Netflix) – The limited docu-series “Night Stalker: The Hunt for a Serial Killer” tells the true story of how one of the most notorious serial killers in American history was hunted down and brought to justice.
- Locked Down (HBO Max) – Produced entirely during the pandemic, and taking London’s COVID-19 lockdown as its setting, this jewel heist rom-com stars Chiwetel Ejiofor and Anne Hathaway as a troubled couple who attempt to sneak some bling out of an empty Harrods.
Real Estate News
Will Forbearance Plans Lead to a Tsunami of Foreclosures?
At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their monthly mortgage payments. Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not.
These homeowners have been given permission to not make their payments, but the question now is: how many of them will be able to catch up after their forbearance program ends? There’s speculation that a forthcoming wave of foreclosures could be the result, and that could lead to another crash in home values like we saw a decade ago.
However, today’s situation is different than the 2006-2008 housing crisis as many Washington, DC homeowners have tremendous amounts of equity in their homes.
What are the experts saying?
Don Layton, Senior Industry Fellow at the Joint Center for Housing Studies of Harvard University says:
With a greater cushion of equity, troubled homeowners have dramatically improved options: a greater ability to access funding (e.g. home equity lines) to keep paying monthly expenses until family finances might recover, improved ability to qualify for and support a loan modification, and, if push comes to shove, the ability to sell the home and monetize their increased net worth while reducing monthly payment obligations. So, what should lenders and servicers expect: a large number of foreclosures or only a modest increase? I believe the latter.
With today’s positive equity situation, many homeowners will be able to use a loan modification or refinance to stay in their homes. If not, some will go to foreclosure, but most will be able to sell and walk away with their equity.
The pandemic has led to both personal and economic hardships for many American households. The overall residential real estate market, however, has weathered the storm and should continue to do so in 2021.
Love Living DC is Washington’s #1 real estate team for dependable neighborhood expertise. If you or a friend need a smart, experienced real estate agent to help you buy, sell, or invest in a home in the DC area, give me a call.
Have a great weekend!