3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008

With all the headlines and talk in the media about the shift in the housing market, you might be thinking this is a housing bubble. The good news is, there’s concrete data to show why this is nothing like the last time.

There were too many homes for sale during the housing crisis (many of which were short sales and foreclosures). That caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available, primarily due to almost 15 years of underbuilding homes.

There just isn’t enough inventory on the market for home prices to come crashing down like they did last time.

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Back then, lending institutions took on much greater risk in both the person and the mortgage products offered.

Tighter lending standards over the past 14 years have helped prevent a scenario that would lead to a wave of foreclosures like the last time.

Another difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been lower since the crash, largely because buyers today are more qualified and less likely to default on their loans.

Homeowners today have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Today, many homeowners are equity rich. Homeowners are in a completely different position this time.

If you’re concerned we’re making the same mistakes that led to the housing crash, DM me and let's discuss the concrete data and expert insights clearly show why this is nothing like the last time.


 

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