In Colorado, about 12% of renters and 4.5% of homeowners report missing June payments
Last month, about 12% of Colorado renters reported not making the rent payment, while about 4.5% of homeowners said they had deferred the mortgage payment, according to the Household Pulse Survey conducted by the U.S. Census Bureau.
As bad as that might sound, Coloradans are doing a better job at staying current than residents of other states, and better than what would be expected given the 633,407 claims filed in the state for unemployment assistance since March, said Nicholas Sly, an economist with the Denver branch of the Federal Reserve Bank of Kansas City, who did an analysis of the local housing market.
“Compared with the profound increase in joblessness during the second quarter of 2020, the rise in the number of missed housing payments initially appears relatively modest. Indeed, labor markets had been strong going into the pandemic. Savings rates had picked up. Wages were growing, and growing at the fastest rates among low-skill workers,” Sly said.
The massive intervention from the federal government also provided a shock absorber. Colorado residents have received $4.41 billion in Economic Impact Payments, those $1,200 direct deposits, debit cards and checks that went out from the IRS, according to the nonpartisan Peter G. Peterson Foundation.
Read more via The Denver Post.
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