Does the recent rise in foreclosure filings mean we’re headed for another crash? The short answer is no.
Right now, only 1% of all homes are seriously delinquent, meaning the owners are more than 90 days behind on their payments. That’s only 1 in 100. During the last crash, it was 9%. That’s 1 in 11. That is a big difference.
Plus, not every delinquency even turns into a foreclosure. Many homeowners work out repayment plans. Others will use their equity to sell.
So, don’t let foreclosure headlines spark flashbacks to 2008. This isn’t a wave. It’s a ripple at most.
If you have questions about what this means for your home value, let's connect. Give us a call at (423) 718-7653 to discuss your goals.
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