Why Today’s Foreclosure Numbers Are Nothing Like 2008

The recent increase in foreclosure filings may have some potential homebuyers worried, but a closer look at the data reveals a different story. Foreclosures have been at record lows in recent years due to relief options for homeowners, such as the forbearance program. While the end of the government’s moratorium on foreclosures has led to an increase, it’s not the sudden flood of foreclosures that some may fear. Rising unemployment rates and other economic challenges are contributing factors, but many homeowners still have significant home equity that can help prevent increased levels of foreclosure activity. Overall, while foreclosures may be climbing, they are nowhere near the levels seen during the housing crisis, and the current market won’t lead to a crash in home prices.