Sumary of As moratoriums lift, will America face a wave of foreclosures and evictions?:
- Jul 24th 2021MIAMI AND WASHINGTON, DCMIAMI IS hot—especially if you are selling a home.
- Sellers are waiving inspections and appraisals entirely, buying units sight unseen, and aggressively bidding up prices.
- Another admits sheepishly to recently buying a house of her own without an inspection.
- All the usual gaudy accoutrements of the city are here: the ostentatious sports cars, the well-trafficked designer stores, the planes circling Miami Beach advertising a prominent rapper playing at a nightclub.
- Yet amid this exuberance, almost 8% of mortgage-holders in Miami are delinquent, among the highest share in the nation.
- Since it had no strict evictions moratorium of its own, a good number of people lost their homes, despite the moratorium declared by the Centres for Disease Control and Prevention (CDC) to slow the spread of covid-19. “The CDC actually has a lot of holes,” says Jeffrey Hearne, a legal-aid lawyer in Miami.
- A study of 63 cities and counties by the Government Accountability Office found that those with local moratoriums saw evictions remain at one-tenth of their usual pace;
- Since January, there have been 920 eviction cases filed in Miami each month—all while the federal moratorium was in place.