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Debunking Concerns of a Foreclosure Wave

September 15, 2023

Mortgage

Debunking Concerns of a Foreclosure Wave
With the rising costs of daily essentials like groceries and fuel, worries about mortgage payment affordability are surfacing. The fear of a wave of foreclosures looms, but experts suggest a different reality.



Learning from the Past

During the previous housing crash, lenient lending standards led to many taking on mortgages they couldn't repay. Lenders didn't scrutinize applicants' financials closely enough.


Today's Changed Landscape

Now, lending standards are stricter, ensuring that more qualified buyers secure mortgages they can manage. Data from industry giants Freddie Mac and Fannie Mae reflects a drop in homeowners severely behind on payments.


Present Payment Trends

Mortgage delinquency rates are at all-time lows, indicating a healthier market. Even long-overdue mortgages have decreased significantly from 2021 levels.

 

The Unlikely Scenario

A significant wave of foreclosures requires a surge in individuals unable to meet payments. However, a substantial number of buyers are consistently fulfilling their commitments, reducing foreclosure risks.


In essence, today's data doesn't align with predictions of a foreclosure tsunami. Responsible lending practices and committed buyers contribute to a more reassuring housing market outlook.
 
 
 
 
 
 

DIANA RENEE

About The Author

Diana Renee

I am so fortunate to have grown up in one of the most wonderful places in the world, California. With friendly people, incredible weather, great entertainment, beaches, mountains and the desert all within driving distance, SoCal has it all. I was born and raised in Long Beach, and have lived in Corona since 1996. I truly love this city and I'm proud to assist my clients in navigating the process of buying and selling real estate.

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