You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008.
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You might remember the housing crash in 2008, even if you didn't own a home at the time.
If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then.
With the rapid shift that’s happened in the housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many key differences between what’s happening today and the bubble in the early 2000s.
The rising cost of just about everything from groceries to gas right now is leading to speculation that more people won’t be able to afford their mortgage payments.
- Today’s housing market is different than it was in 2008.
- Lending standards have tightened, foreclosures have declined, home inventory is much lower, and homeowners have far more equity.
- Many people remember the housing crash in 2008, but experts say today’s market is fundamentally different in many ways.
- First, there isn’t an oversupply of homes for sale today. Plus, lending standards are much tighter, and homeowners have record levels of equity. That means signs say there won’t be a wave of foreclosures like the last time.
There’s been some concern lately that the housing market is headed for a crash.