2022 Housing Market
What does the current Housing Market look like?
Record low foreclosures in 2021 due to record equity for American Homeowners mean a repeat of the 2007 housing crash extremely unlikely, on top of that, there have been a drastic change in mortgage lending regulations since the 2007 crash which means the “Quality” of loans in the market are way better in quality, leading to lower foreclosures.
Record Home sales in 2021
The number of homes sold in 2021 reached a 15 year record high.
More New Listings than Active
This means homes are going under contract faster than they can go on the market for sale.
Home Prices Increasing every month
Mortgage Rates starting to rise….
What effect has rising mortgage rates had on home prices historically
You may be surprised to know that prices have historically risen when mortgage rates increase.
Why is there a Low Level of Home Inventory?
There have simply not been enough homes built in the past 15 years, with constant below average levels of construction, has created even further demand on real estate.
Waiting for a Foreclosure?
The simple fact is that foreclosures are not surging, in fact they are decreasing? Why? Better lending rules, increased equity in homes and a demand for housing simply means
there is a record low level of foreclosures – a further indication that there is a strong, healthy hosing market.
Hoping for ‘another 2007’ to get a deal?
There are a record number of mortgages out there with way better quality lending customers. Since 2008 there have been a drastic overhaul of lending regulations and you can see below the number of mortgages with a borrower with a credit score of less than 620 compared to 2003 to 2007.
Last 4 years have had record low levels of inventory. Look at the inventory levels of 2007-2010 during the crash and compare to now – there are simply way less homes for sale.
15 Year High Record in 2021 for home sales