In 2020, those who have fallen behind at least three months on their mortgage increased 250 percent to over 2 million households and is now at a level not seen since the height of the Great Recession in 2010. Collectively, these households are estimated to owe almost $90 billion in deferred principal, interest, taxes, and insurance payments. At the same time, we are facing a rental crisis, with over 8 million rental households behind in their rent. While there are significant differences from the last crisis, particularly a more stable mortgage market and substantial homeowner equity, there are a significant number of households at risk of losing their housing just as the U.S. economy is poised to emerge from the pandemic—a disproportionate number of them from communities of color. This report summarizes some of the relevant data and research on the impact of the pandemic on the rental and mortgage market, particularly its impact on low-income and minority households.