Deferred payments are what 6 months, unless they extend it, also currently this will still gain interest so mortgage holders are going to be paying more by taking a break. When the housing market goes down, which it will, a lot of people who have recently purchased in the last 1-3 years are much better of filing bankruptcy than be in negative equity, this will cause mass mortgage sales, which will pull prices further down. Unemployment stats are already 10%+, this will be much worse in the coming weeks, once this is over employment will not jump back to record lows until many years. This is definitely unprecedented times and no one can say with any degree of certainty what is going to happen.