Why There Won’t Be a Flood of Foreclosures Coming to the Housing Market
Not as Many Homeowners Are in Trouble This Time
After the last housing crash, over nine million households lost their homes due to a foreclosure, short sale, or because they gave it back to the bank. This was, in large part, because of more relaxed lending standards where people could take out mortgages they ultimately couldn’t afford.
Today, revised lending standards have led to more qualified buyers. As a result, there are fewer homeowners who are behind on their mortgages.
There Have Been Fewer Foreclosures over the Last Two Years
During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The program gave homeowners facing difficulties extra time to get their finances in order and, in many cases, work out a plan with their lender.
And most importantly, the number of foreclosures we’re seeing now is still far below the number we saw during the market crash.
Most Homeowners Have More Than Enough Equity To Sell Their Homes
Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home. And if they’ve stayed in their homes even longer, they may have even more equity than they realize.
If you have questions, DM me today.
#Sellyourhouse #moveuphome #dreamhome #realestategoals #fenton #holly #lakefenton #linden #realestate #homeownership #homebuying #sellersmarket #realestatetips #realestatelife #realestatenews #realestateagent #realestateexpert #realestateagency #realestateadvice #realestateblog #realestatemarket #realestateexperts #realestateagents #instarealestate #instarealtor #realestatetipsoftheday #realestatetipsandadvice #keepingcurrentmatters #priceappreciation #expertanswers #stayinformed #powerfuldecisions #housingmarket #househunting #makememove #homegoals #sellyourhouse #moveuphome #dreamhome #confidentdecisions
Comments
Post a Comment