With millions of Americans out of work due to the virus-induced recession ( FAKE ), their personal income has become overly reliant on Fed stimulus checks
The number of homes with mortgage payments past due by 90 days or more rose by 376,000 in July to a total of 2.25 million. Serious mortgage delinquencies have jumped by 1.8 million since July 2019, a decade high, not seen since the last financial crisis.
Even with part of the housing market booming, that is primarily due to folks ditching metro areas for suburbia and ultra-low mortgage rates pulling demand forward in such a massive way that today's boom will lead to much lower activity in the future.
https://www.blackknightinc.com/black-knights-first-look-at-july-2020-mortgage-data/
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