While you are right in that we have not yet seen the foreclosure/eviction impact, I think not all of it is 'head in the sand'.
At least in the US, there are more systems in place to help people who are behind. Lenders are more apt to do a modification then risk another market collapse.
And, I would be willing to bet our current administration will be happy to do what they can. A failure to contain the situation will not be good for them -or- their donors.
One thing we are already seeing; the CFPB is putting in safeguards in that will likely delay a number of foreclosures even further [0]. Another change is FHFA loans being eligible for interest rate reductions that wouldn't be possible under the LTV.
How this 'smoothing' plays out remains to be seen.
At least in the US, there are more systems in place to help people who are behind. Lenders are more apt to do a modification then risk another market collapse.
And, I would be willing to bet our current administration will be happy to do what they can. A failure to contain the situation will not be good for them -or- their donors.
One thing we are already seeing; the CFPB is putting in safeguards in that will likely delay a number of foreclosures even further [0]. Another change is FHFA loans being eligible for interest rate reductions that wouldn't be possible under the LTV.
How this 'smoothing' plays out remains to be seen.
[0] https://www.housingwire.com/articles/cfpbs-roadmap-for-the-f...