Tal Rappleyea discusses how the end of the pandemic could mean a housing boom.

1. 9/7/2021 How the End of the Pandemic Could Result in a Housing Boom | Tal Rappleyea - Real Estate Law
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How the End of the Pandemic Could
Result in a Housing Boom
by Tal Rappleyea | Sep 7, 2021 | Insurance, Real Estate, Real Estate Law, Tal Rappleyea
As the global Covid phenomena ravaged lives and obliterated any sense of normalcy,
homeowners and tenants were granted sanctions preventing evictions and foreclosures.
Mortgage Relief and Sanctions prohibiting evictions lasted up to eighteen months,
temporarily suspended evictions and foreclosures. Enabling protection for tenants and
homeowners facing homelessness, these measures were implemented in order to
minimize a surge of homeless amidst a mysterious new virus. State and City powers
sought to avoid leaving the increased surge in homeless masses vulnerable to higher
exposure risks and spiking infection rates. As the Grace Period comes to a rapid close, for
many tenants and homeowners beset with several months’ piling rent and mortgage
notices, payment deadlines are fearfully looming.
For homeowners, there is an opportunity for a surprisingly ironic reprieve in the form of a
sale. Homeowners more than 90 days late on mortgage payments, not yet in the initiatory
a
a

2. 9/7/2021 How the End of the Pandemic Could Result in a Housing Boom | Tal Rappleyea - Real Estate Law
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stages of foreclosure have the opportunity to sell their homes. The profits earned from
this venture are then used to pay off the mortgage debt. With an increased demand for
housing by those facing or experiencing eviction, the value of the homes increases for the
newly evicted seeking a semblance of shelter and stability in the pandemic that has
brought much uncertainty. This increased need for housing couples well with the
increased availability of newly sold and selling homes.
With the majority of forbearances ending in September and October, Autumn 2021 is set
to be a mini-boom cycle for the housing sector. However, with the prices of houses set to
skyrocket, one wonders if socioeconomic disparities among demographics may leave
some populations out in the cold come winter. Those who can afford to will flee into
houses in Suburbs away from the sprawling populations in the crowded cities. Realistically,
this could well leave certain groups of individuals displaced into actual homelessness,
unable to pay the mounting past due balances. Likewise, certain communities historically
disenfranchised may be left unable to afford options to more expensive suburban
dwellings relinquished by the homeowners who had exhausted their mortgage
forbearance. Covid and the housing crisis today may prove to be tomorrow’s catalyst for
shifts in gentrification patterns, as well as another “white flight” to Suburban safety from
urban pestilence.
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