Michael R. Strain, Columnist

Wave of Foreclosures May Follow Housing Market Boom

Conditions look rosy now, but what happens when mortgage forbearance plans expire in spring 2021?

October 30, 2020 at 10:00 AM UTC

Michael R. Strain is a Bloomberg Opinion columnist. He is director of economic policy studies and Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute. He is the author of “The American Dream Is Not Dead: (But Populism Could Kill It).”

What could go wrong?
Photographer: Roger Kisby/Bloomberg

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The housing market is booming. Is this another indication that the recovery from the Pandemic Recession is complete for the rich, while low-income households are left behind? No, it isn’t.

It’s primarily driven by the usual suspects in any market: supply and demand. But serious challenges are looming for low-income homeowners. Expect a wave of foreclosures in 2021.