Friday, August 2, 2024 / by Joyce Dungca
Some Highlights
Back in 2008, there was an oversupply of homes for sale. Today, there’s an undersupply. The three main sources of inventory show this isn’t like the last time.
Existing homes, new homes, and foreclosures are all way below the levels we saw during the housing crash.
Inventory data shows there just aren’t enough homes available to have a repeat of what happened back in 2008. ...
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team raj jaggi, buyers, sellers, housing market, foreclosures
Tuesday, July 23, 2024 / by Joyce Dungca
Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets. And those high costs on everything from gas to groceries are fueling unnecessary concerns that more people are going to have trouble making their mortgage payments. But, does that mean there’s a big wave of foreclosures coming?
Here's a look at why the data and the experts say that’s not going to happen.
There Aren’t Many Homeowners Who Are Seriously Behind on Their Mortgages
One of the main reasons there were so many foreclosures during the last housing crash was because relaxed lending standards made it easy for people to take out mortgages, even when they couldn’t show they’d be able to pay them back. At that time, lenders weren’t being as strict when looking at applicant credit scores, income levels, employment status, and debt-to-income ratio.
But since then, lending standards have gotten a whole lot tighter. Len; ...
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team raj jaggi, buyers, sellers, equity, foreclosures
Wednesday, April 24, 2024 / by Joyce Dungca
If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up. And that may leave you feeling a bit worried about what’s ahead, especially if you owned a home during the housing crash in 2008.
The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed.
Here’s the latest information stacked against the historical data to put your mind at ease.
The Headlines Make the Increase Sound Dramatic – But It’s Not
The increase the media is calling attention to is a little bit misleading. That’s because it’s comparing the most recent numbers to a time when foreclosures were at historic lows. And that lopsided comparison is making it sound like a much bigger deal than it actually is.
Back in 2020 and 2021, there was a moratorium and forbearance program that helped millions o. ...
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team raj jaggi, buyers, sellers, housing market, equity, foreclosures
Tuesday, March 19, 2024 / by Joyce Dungca
Even with the latest data coming in, the experts agree there’s no chance of a large-scale foreclosure crisis like the one we saw back in 2008. While headlines may be calling attention to a slight uptick in foreclosure filings recently, the bigger picture is that we’re still well below the number we’d see in a more normal year for the housing market. As a report from BlackKnight explains:
“The prospect of any kind of near-term surge in foreclosure activity remains low, with start volumes still nearly 40% below pre-pandemic levels.”
That’s good news. It means the number of homeowners at risk is very low compared to the norm.
But, there’s a small percentage who may be coming face to face with foreclosure as a possibility. That’s because some homeowners may have an unexpected hardship in their life, which unfortunately can happen in any market.
For those homeowners, there are still options that could help. ...
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team raj jaggi, buyers, sellers, equity, home owners, foreclosures
Thursday, November 2, 2023 / by Joyce Dungca
If you've been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies. That could be making you feel uneasy, especially if you're thinking about buying or selling a house.
But the truth is, even though the numbers are going up, the data shows the housing market isn’t headed for a crisis.
Foreclosure Activity Rising, but Less Than Headlines Suggest
In recent years, the number of foreclosures has been very low. That’s because, in 2020 and 2021, the forbearance program and other relief options were put in place to help many homeowners stay in their homes during that tough time.
When the moratorium ended, there was an expected rise in foreclosures. But just because they’re up, that doesn't mean the housing market is in trouble.
To help you see how much things have changed since the housing crash in 2008, check out the graph below using research from ATTOM, a property data pro. ...
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team raj jaggi, buyers, sellers, housing market, foreclosures, equity