The new date is Jan 4, 2022.
Several states have begun rolling out federal funded relief mortgage programs for homeowners who are having financial hardship due to the Covid-19 epidemic, with some fearing that the omicron variant is a threat to the U.S. economy.
A home for sale in Stockton, California, has a sign in front of it. As the nation continues to see widespread home loan foreclosures, Stockton, California leads the nation with the highest foreclosure rate. One out of every 30 homes in Stockton is in some stage of foreclosure, which is seven times the national average.
The images are from the same company.
Funding for the programs will come from the federal Homeowner Assistance Fund, established under the American Rescue Plan in March 2021, which will give a total of $9.9 billion in funding.
If homeowners can show proof of financial hardship due to the swine flu, California will pay up to $80,000 in mortgage, property tax and insurance bills.
New York received $539 million and began accepting applications for its Homeowner Assistance Fund on Monday, a day after Gov. Kathy Hochul announced that more than 9000 New Yorkers were hospitalized with Covid-19.
The state reported a record 13,266 new Covid-19 case average and a record 28% positivity rate, with many testing sites temporarily closing due to a winter storm.
The national average percentage of mortgages 30-89 days delinquent declined from 2.2% in January 2020 to 0.6% in June 2021, according to the Consumer Financial Protection Bureau. The unemployment rate in the U.S. was at 4.2% in November, far below the peak of 14.8% in April 2020, but still well above the average of the last three years. Some economists fear that the omicron variant will have an adverse effect on the economy, citing the record-breaking commercial flight cancellation over the holiday as a sign of a coming dip in economic growth.
Mark Zandi, chief economist at Moody's, told the Wall Street Journal last week that it felt like a similar situation when Delta hit. The US gross domestic product forecast for the first quarter of 2022, was lowered by Zandi due to the variant.
There was aContra.
Martin Mucci, CEO of the capital management provider Paychex, told CNBC Tuesday, "We really haven't seen an impact from the omicron variant on job growth at this point."
According to the Department of Labor, millions of Americans are leaving their current jobs. Julia Pollack, an economist with ZipRecruiter, told the Washington Post that quits from lower paying jobs to higher paying jobs are not quits from the labor force.
Coverage and live updates on the coronaviruses.
