LegalShield released its May Economic Stress Index, which includes five sub-indices: consumer stress, bankruptcy, foreclosure, housing construction and housing sales. While the LegalShield Housing Construction Index rose in May to 146.7, an all-time high, foreclosures increased slightly as well, although they continue to remain at historically low levels.
“Over two million homeowners in the US are still in forbearance plans, and another nearly two million families, although not in forbearance, are at least 90 days delinquent on paying their mortgages as of April,” said Jeff Bell, LegalShield CEO. “This area bears close watching. The Foreclosure Index could rise after the June 30th expiration date for the federal foreclosure moratorium, even though several banks have stated they would extend eviction moratoriums independently until 2022. There is also the hope that many will work out alternative plans that won’t result in a foreclosure; nevertheless, we are preparing for the possibility of increased activity in this area among our members.”
The LegalShield Housing Sales Index is now 121.1, the highest level on record. The increased demand for homes combined with low inventory continues to sustain a strong housing construction market, and supply chain problems will likely delay construction and extend project deadlines. Within this index, LegalShield’s mortgage document service broke company records three times for customer use and engagement.
