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“Will foreclosures affect our housing market just like 2008?” I’ve received this kind of question a lot recently. However, my team and I have been keeping track of the numbers, and we have seen very little or no increase in the number of delinquencies in our market over the past three years.
There are a few key reasons for this. One is that historically, low interest rates helped keep payments affordable for many people. Secondly, lending standards have been extremely different over the past five to seven years compared to what they were leading up to the 2008 market. As a result, the people that have purchased homes are more qualified.
Thirdly, the biggest reason not to worry is our lack of housing inventory. The market before 2008 had a tremendous amount of speculative inventory, and we do not see that right now. Instead, we still have a shortage of housing in our market.
Foreclosures typically disrupt housing markets by increasing inventory, and a little bit of that type of inventory would be good for our market. Buyers would have more options, which is important because we still have a lot of people who want to buy a home but can’t find what they’re looking for.
If you have questions about this or anything else related to real estate, please call or email me. I am always willing to talk!
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