Explaining why we won’t see a repeat of the 2008 housing crisis.
You may be wondering if a crash is coming. Right now, inflation and high rates are affecting our market. However, the housing market is much different now than it was in 2008. Obtaining a home loan is more difficult, and the lending standards are much tighter. The availability of credit is about seven times less than it was before.
During the 2008 housing crash, we had too many homes and a 10-month supply. In contrast, today we have an undersupply of homes with an average of three months of supply. Additionally, the number of homeowners facing foreclosure today is much lower than in 2008. There are less than 100,000 nationwide foreclosures in progress compared to over half a million in 2008.
If you’re concerned about a crash, let’s connect to discuss why this isn’t like last time. Reach out to me by phone or email. I look forward to hearing from you.