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Pandemic | South FL Life & Real Estate: Premier Listings Blog

Thursday, April 9, 2020   /   by Jordana Tobel

Are we going to see a wave of foreclosures?

There are a number of important factors that will prevent a repeat of what happened in 2007 and 2008.

One of those factors is that we learned our lesson. The government is reacting and they are reacting quickly. Just last week, the FHA “immediate foreclosure and eviction moratorium for homeowners for the next 60 days.

In the early 2000s, homeowners were using their homes like ATMs and taking large amounts of cash out. When prices began to drop, those same homeowners didn’t care, they just walked way, they had no skin in the game. Today, the homeowner equity situation is entirely different. As a comparison, from 2005-2007, mericans cashed out over 825 billion worth of equity from their homes. In the last three years, they cashed out only 232 billion, less than 1/3 that amount. Not only that, 37% of Americans have no mortgage at all. Of the remaining 63%, more than 1 in 4 have over 50% equity.

In addition to the factors above, the government is providing small busin ...

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  delray beach real estate, south florida real estate, boca raton real estate, florida real estate market, premier listings, delray beach estate, pandemic, coronavirus real estate

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All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
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