This link I am including has a video, an article, and several charts. It is very interesting to see the comparisons of the housing market of the past decade to today.
This article goes into the affordability of homeownership for the average person and compares the last few decades. Between 2009 – 2013, the housing market was most affordable for the average person. The least affordable time for the average person was in 2021.
It also goes into how investing in a home compares to the stock market and a few other bits of information that you may find interesting and helpful.
THE MOST INTERESTING FACT by far is the home mortgage delinquency rates and pending property foreclosures.
Foreclosures have increased dramatically starting in 2022 and continue to increase. This is most likely because the pandemic “foreclosure halts” stopped in 2022 and those owners that did not get caught up or reworked their loans with their lender are now facing foreclosure.
Does this mean we are going to start seeing foreclosures again? Yes as the economy worsens, we will start to see more properties go into foreclosure. I also think even with more foreclosures on the market, we won’t be seeing properties LOST TO FORECLOSURE. Let me explain what I mean. . . because most homeowners today have a lot of equity, they’ll have plenty of time to sell their property before the bank auctions it off in foreclosure and will avoid being foreclosed on.
The issue now remains that since most homeowners do have equity, it is highly unlikely they will be offered any type of assistance or modification. Lenders do not usually help people with equity which means most of these owners in foreclosure, will eventually end up selling.
Whether you are buying or selling and right-sizing, call me, and let’s explore your options. If you know anyone struggling with their payment, have them call me to see what options they have currently.
Click Here to Read the Article
Source: MSN |