The Morning Brew on whether the housing market will crash like it did in 2008


The Morning Brew on whether the housing market will crash like it did in 2008
By Scott Rogers • April 28, 2021
Do you read the Morning Brew? It's a daily email with top new stories in a format that is enjoyable to read. Subscribe here if you are interested. Here's an excerpt from today's Morning Brew that is applicable to the sort of things I usually share with you in this space... Q: "Will the housing market crash like it did in 2008?" â€"Jay in Salt Lake City A: We can all agree the housing market is hotter than a Phoenix parking lot in July right now. Prices are exploding in both suburban and urban markets. The search terms â€œshould I buy a houseâ€ and â€œsell my houseâ€ are at record-highs. Itâ€™s feeling very 2006 out there, and not just because very few people are using Facebook. But experts say that while it may look like a bubble and feel like a bubble...the marketâ€™s fundamentals arenâ€™t that bubbly. Yes, prices are rising at an astonishing pace, but there are good reasons for that: Housing inventory hit a record low this year, demand is so furious builders canâ€™t keep up, and low mortgage rates are attracting new buyers into the marketplace. Plus, lenders these days are far more strict than before the previous crash, which has resulted in more creditworthy homeowners. The typical credit score for mortgage borrowers in the second half of last year was 786, a record high. In conclusion, donâ€™t expect a Big Short 2. But do expect an affordability crisis if we donâ€™t build more homes. Again, sign up for other great content from the Morning Brew here, and let me know if you agree with their editor's take on the future of the housing market. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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