WASHINGTON—U.S. housing prices are going through the roof and a looming wave of foreclosures is unlikely to reverse this trend due to a severe housing shortage in the country, according to experts. The foreclosure moratorium for federally-backed mortgages is going to end on July 31. The Biden administration in June extended the national moratorium by a month and made clear that this would be “the final extension.” Some were predicting that there could be a flood of foreclosures once the forbearance program expires, leading to a replay of the housing market crash of 2008. According to the National Association of Realtors (NAR), there were roughly 2.7 million homeowners as of June who had not caught up on their mortgage payment and 1.8 million loans were in seriously delinquency, meaning 90 days or more past due and in foreclosure. However, a majority of homeowners (77 percent) in forbearance have workout options and only a …