A bright spot mortgage forbearance, but...

While nearly 9% of US mortgage holders are in forbearance,  it's markedly less than Mark Zandi's prediction of 30% two months ago. And it's dropping, albeit by a minuscule 34k w/w as of June 2.

The next big data points will be: (a) the percentage of homeowners in forbearance who continue to make a payment in June - this statistic was 46% in April and 22% in May; and (b) the portion of homeowners with expiring 3-month forbearance plans who choose to extend.

Of course, we'll all be awaiting the potential continuation CARES Act, set to expire at the end of July, especially the extra $600 in weekly unemployment benefits, which has kept many afloat.