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Recessions and Real Estate over the last 60 years!
I have spoken with several people over the last few weeks that have mentioned the 2008 Housing bubble and it lead me to do this quick video. Also attached is a graph of the recessions since 1960. You will notice that only the recession of 2009 was lead by inflated housing prices. We had an over supply of homes, far less demand than we had today, and lending practices that were extremely liberal. The surplus of money from investors that needed a place to put it led to option arm mortgages and stated income and asset loans. We had an average credit score for loans during that time in the low 600's. Flash forward to today and our lending practices are much more conservative, there is demand that is unquenchable, and more than ever we have mass amounts of equity built into homes that homeowners can tap into.
With interest rates rising, it is still a good time to buy. If you compare this to renting, your interest rates with renting homes is 100%. Consider this when you are comparing to current rates that will only pad the pockets of your landlords. I hope you will reach out if you have questions.
With interest rates rising, it is still a good time to buy. If you compare this to renting, your interest rates with renting homes is 100%. Consider this when you are comparing to current rates that will only pad the pockets of your landlords. I hope you will reach out if you have questions.