Why Today's Foreclosure Numbers Are Nothing Like 2

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Real Estate

The foreclosure numbers today are nothing like 2008 because the conditions leading up to the housing crisis are vastly different.

In 2008, the housing market was in a bubble, with lenders providing loans to borrowers who couldn't afford them, and the value of homes was greatly inflated. As a result, many homeowners found themselves in mortgages they couldn't afford, leading to widespread defaults and foreclosures.

However, today's housing market is much healthier, with stricter lending standards in place, and the majority of homeowners have built up equity in their homes. Additionally, the COVID-19 pandemic has brought about various foreclosure moratoriums, mortgage forbearance programs, and other forms of relief, which have helped homeowners stay in their homes and avoid defaulting on their mortgages.