{"id":8180,"date":"2023-10-31T10:30:00","date_gmt":"2023-10-31T10:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/foreclosures-and-bankruptcies-wont-crash-the-housing-market\/"},"modified":"2023-10-31T10:30:00","modified_gmt":"2023-10-31T10:30:00","slug":"foreclosures-and-bankruptcies-wont-crash-the-housing-market","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/foreclosures-and-bankruptcies-wont-crash-the-housing-market\/","title":{"rendered":"Foreclosures and Bankruptcies Won\u2019t Crash the Housing Market"},"content":{"rendered":"
If you’ve been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies. That could be making you feel uneasy, especially if you’re thinking about <\/span>buying<\/a> or <\/span>selling<\/a> a house.<\/span><\/p>\n But the truth is, even though the numbers are going up, the <\/strong>data shows<\/strong><\/a> the housing market isn\u2019t headed for a crisis.<\/strong><\/p>\n In recent years, the number of foreclosures has been very low. That\u2019s because, in 2020 and 2021, the forbearance program and other relief options were put in place to help many homeowners stay in their homes during that tough time.<\/p>\n When the moratorium ended, there was an expected rise in foreclosures. But just because they\u2019re up, that doesn’t mean the housing market is in trouble.<\/p>\n To help you see how much things have changed since the housing crash in 2008, check out the graph below using research from ATTOM<\/em>, a property data provider. It looks at properties with a foreclosure filing going all the way back to 2005 to show<\/a> that there have been fewer foreclosures since the crash.<\/p>\n <\/a><\/p>\n <\/p>\n As you can see, foreclosure filings are inching back up to pre-pandemic numbers, but they’re still way lower than when the housing market crashed in 2008. And today, the tremendous amount of equity<\/a> American homeowners have in their homes can help people sell and avoid foreclosure.<\/p>\n As you can see below<\/a>, the financial trouble many industries and small businesses felt during the pandemic didn\u2019t cause a dramatic increase in bankruptcies. Still, the number of bankruptcies has gone up slightly since last year, nearly returning to 2021 levels. But that isn\u2019t cause for alarm.<\/p>\nForeclosure Activity Rising, but Less Than Headlines Suggest<\/strong><\/h4>\n
The Increase in Bankruptcies Isn\u2019t Dramatic Either<\/strong><\/h4>\n