Day 29:
Do you think we’re going to see a huge wave of foreclosures?
Want a short answer? Nope. Like what we discussed previously, we have 1% of properties in the homes that are in distress… that is not a lot, and that is a very good thing for the economy. 42% of people own their homes outright! #amazingy’all. 60% of people have more than 20% of equity in their homes- also amazing.
This is going to keep people, even those who possibly are going to have to sell their property from going into bad positions, because they will still be able to sell above water. This is important because it is is entirely different than the market we had back in 2008… So, if you’ve been waiting out the market, we are actually anticipating additional appreciation, possibly 5%+ We are still seeing many buyers in the market.
A wave of foreclosures… not likely.
