Here’s why we likely won’t see a wave of foreclosures anytime soon.
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Home prices are high right now, but a lot of buyers believe that foreclosed homes will flood the market and make prices drop when the moratorium ends. As a result, many of these buyers believe the right strategy is to avoid buying now and simply wait until later. However, statistics show that a wave of foreclosures is incredibly unlikely to happen, meaning there may not be a price drop anytime soon. So, what’s the right thing to do? This tricky question is exactly what I’ll be addressing today.
For your convenience, I’ve included timestamps for today’s video topic. Feel free to navigate to the section(s) you’re most interested in viewing:
(00:28) — Introduction to today’s topic
(01:00) — People are afraid our market is just like what we saw in 2008
(02:06) — Few homes are actually in forbearance
(03:20) — How forbearance rates have drastically dropped
(04:15) — What happened to people who were in forbearance
(05:40) — Remember, there was no forbearance during the last housing crisis
(06:35) — People have more equity in their homes
(07:05) — Why we won’t see foreclosures like we did in 2010
(08:15) — There is no chance of another foreclosure crisis
(08:47) — Conclusion to today’s video
If you have any questions or would like more information about our market, feel free to reach out to me. I look forward to hearing from you soon.