Are We headed for another Housing Market Crash?!
5 things that are Different TODAY Than They were in 2007/2008
Now lenders, especially my preferred ones, are working more responsibly, to ensure that loans are attainable and affordable, BUT they really check the boxes to make sure that what they are lending is helping boost the economy as opposed to being a detriment.
If you are in LA and do not have a trustworthy lender, PLEASE reach out. I have some incredible people that I can connect you with.
And of course, when the crash happened, we really got into a pickle because we ALREADY had too much inventory on the market.
What I have been hearing that is making people nervous is that when all the COVID relief and forbearance is owed back in full, home owners won’t be able to pay it and they will lose their homes.
Yes, unfortunately, I’m sure that this WILL happen to many people here in the United States. BUT that being said, as far as our crystal ball is showing, our projection is that there will still be enough BUYERS out there to keep the market a float. That means we can get people the best price that they deserve for them homes.
And HOPEFULLY not as many people will be forced into foreclosures like in 2008, which was devastating.
And of that remainder– which is a little over 60% - over a quarter of them have at least 50% equity in their home, putting us – people living here in America - in a much more stable position.
These five stats lead me to believe that we are not headed to a crash that is similar to 2008! What does this data make you think?