Lifted Eviction Moratorium Had Stunning Impact on Mortgage Markets

lifted eviction moratorium plymouth title guaranty corporation

Last month, the US Supreme Court pass a vote, which lifted the eviction moratorium. Previously, the Biden administration expanded the eviction moratorium. The moratorium blocked many landlords across the country from evicting tenants for COVID-related financial hardships.

With that moratorium expiring, it left a large impact on the renters and landlords of the country. This inspired a domino effect for mortgage markets.

How the Lifted Eviction Moratorium Affected Landlords

For those who own rental properties, the lifted eviction moratorium created a positive impact. Many landlords regained the ability to evict tenants. Primarily, evicted tenants entail those who have been late on payments and those who have no way to make them in the future.

The inability to evict a tenant has caused many hardships for landlords. This is especially true for smaller landlords. In general, smaller landlords rely on rent as income. Also, these landlords need rent to perform maintenance on their owned units.

Nationwide, over a dozen real estate trade organizations praised the ending of the eviction moratorium. Thus, analysts see this as a big win for landlords.

The Lifted Eviction Moratorium Created a Stunning Housing Impact

There’s no doubt that the end of the moratorium negatively impacted renters. Now, many renters across the country must scramble to find rent or risk eviction. With millions of Americans facing eviction, and the costs of eviction for landlords, we head into an ‘unprecedented’ time. The housing market already faced instability throughout the ongoing coronavirus pandemic.

Numerous key questions remain regarding the long-term effect of the lifted eviction moratorium on the housing market. For instance, how will it hurt or help the supply/demand for housing?

With home prices at record highs, many landlords—after facing a tough few years—seek to sell their properties. The net effect may increase home supply, switching hands from renters to permanent residents.

Conclusively, the COVID-19 pandemic spurred uncertainty. With the lifted eviction moratorium, uncertainty rises. Landlords and tenants now confront decisions on selling properties and securing long-term financial stability.

For further information on the lifted eviction moratorium, reach out to the title and escrow specialists at Plymouth Title Guaranty Corporation.

Please note: The safety of our staff and clients is our highest priority.  Effective immediately, Plymouth Title Guaranty Corp. will be taking the following precautions to limit the spread of the COVID-19 virus:

All purchase transactions need to take place at a Plymouth Title Guaranty Corp. closing office.

  • If a party to the closing is not feeling well, please contact your closer before the closing so appropriate precautions can be taken.
  • We ask visitors to utilize the restroom in our building upon arrival to thoroughly wash their hands before entering our office.
  • Only individuals required to sign and/or deliver documents at closings will be allowed in our office. Specifically, closings will be limited to borrower(s), seller(s), agents, and lenders.
  • All pens used in the closing will be given to the client after use.
  • All closing rooms will be cleaned and disinfected in-between each closing.
  • Those picking up checks at our office will be instructed to call our main line and request to speak to a staff member who will plan for delivery to the lobby or parking lot of our office.
  • All staff will refrain from shaking hands before or after closings and ask clients to do the same.

Please be advised that our staffing may be impacted during this unprecedented event. While we are committed to continuing to provide outstanding service, we ask for your patience in the face of this pandemic.