Over the last decade, the number of people who are buying houses has increased year over year. Many people who are buying are first-time home buyers and others are taking this
What Can Cause The Next Mortgage Crisis In The US
Ten years ago, we were in the beginning of one of the greatest recession in the United States. Many predicted it would happen but most were just enjoying all the fruits the bubble offered. The bubble bursed after the economy couldn't take any more bad loans being defaulted on. During the many years after the recession, thankfully the market was able to recover and correct some of the mistakes in made prior to 2008. However, some say we are headed in the same direction.
The image above demonstrates the last 18 years of the housing market and the trends. As you can in 2006. home prices were up and mortgage delinquencies were down when the market began taking a turn for the work. By 2008, home prices began to drop while mortgage delinquency rates were on the rise. If you fast forward to today, you can see we are at the height of the market while delinquency rates are still low. It is believed within the next couple of years, the market will take a turn for the worse.
Tabitha Richardson has over 13 year experience as a Realtor and Broker in Maryland and Washington DC. She services as the principle owner of Premier Homes Realty located in Pikesville, Maryland. Ori....