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You’ve likely seen headlines about the number of foreclosures climbing in today’s housing market.
If you've been keeping up with the news lately, you've probably come across headlines talking about the increase in foreclosures in today’s housing market.
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.
With ongoing high inflation pushing up everyday costs, some people are worried that'll create a flood of foreclosures. Here's why that's unlikely.
- If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.
- On average, nationwide, home prices appreciated by 288.7% over the last 32 years. That means homeowners grow their net worth significantly in the long term.
- If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
- While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
If you’re a homeowner, odds are your equity has grown significantly over the last few years.
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.