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Will Foreclosures Crash the Housing Market
With a slight increase in unemployment, people are concerned that tighter budgets could lead to more missed mortgage payments, sparking a surge in foreclosures. However, before we jump to conclusions about whether foreclosures will crash the housing market, let’s explore what’s actually happening. The latest data shows that while unemployment is up, inflation is down, and a foreclosure wave is not on the horizon.
Foreclosure Filings are up Slightly Nationally
Foreclosures are rising slightly, which may remind some people of the 2008 housing crash. But the data shows today’s market is very different. While foreclosure filings have ticked up, they remain well below crisis levels. A better indicator is serious delinquencies—loans that are 90+ days past due. According to the New York Fed, these have increased slightly but remain far below the levels seen during the last housing crash (see graph below).
If People Are Falling Behind, Why Aren’t There More Foreclosures?
Even when households feel financial pressure, most people prioritize their mortgage payment above almost everything else. Protecting their home comes first. Data from the New York Fed shows that serious delinquencies have risen more for credit cards and auto loans. Meanwhile, mortgage and home equity loan delinquencies remain much lower, helping explain why foreclosure activity remains limited despite financial pressure in other areas.
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Learn How To Use the Same Multiple Listing Service (MLS) Tools That REALTORS® Use to Search for Foreclosed Homes
Foreclosure Homes for Sale in Metro Detroit – Search by city
Access the live Flex MLS on your phone | Create Log in Account
Create your Multiple Listing Service (MLS) account for website and mobile access. Save your search criteria to receive instant notifications directly from the MLS. To download the mobile app, visit your phone’s app store and search for “Flex MLS for Homebuyers.”
Macomb COUNTY MI Homes for sale – Scroll and Search by City
For Best Results: View on a larger screen – Powered by the Live Flex Multiple Listing Service (MLS) search tool.
Oakland COUNTY MI Homes for Sale – Scroll and Search by City
For Best Results: View on a larger screen – Powered by the Live Flex Multiple Listing Service (MLS) search tool.
Bottom Line
Foreclosure activity may be rising, but it’s still well within a normal range – and nowhere close to the danger zones of the past. But the headlines are doing more to terrify than clarify. There’s a lot to think about when buying a home, and feeling a little overwhelmed is normal. The big question is: When is the best time, financially, to jump into the market and buy your dream home? 🏡
💰Let’s connect and break it all down together. You can📅 Schedule a Zoom call with me, and we’ll review the data step by step. I’ll share my screen to give you a clear view of market insights so you can make confident, informed decisions about your next steps! ✨If it’s easier, contact my cell at 📞248-343-2459, and we can schedule an appointment.
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The information contained and the opinions expressed in this article are not intended to be construed as investment advice. Metro Detroit Home Experts ~ Pam Sawyer does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Metro Detroit Home Experts or Pam Sawyer will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
