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Reason Why We Are Safe From Another Housing Bubble
Many can't help but worry that we may be on the verge of another housing bubble. Believe it or not, despite what statistics may seem, experts say that we shouldn't be too concerned about an impending housing bust. Here are four key metrics that will explain why:
Home Prices Mortgage Standards Foreclosure Rates Housing Affordability 1. HOME PRICES
There is no doubt that home prices have reached 2006 levels in many markets across the country. However, after more than a decade, home prices should be much higher based on inflation alone. Last week, CoreLogic reported that,
"The inflation-adjusted U.S. median sale price in June 2006 was $247,110 (or $199,899 in 2006 dollars), compared with $213,400 in March 2018." (This is the latest data available.)
2. MORTGAGE STANDARDS
Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today's standards are nowhere near as lenient as they were leading up to the crash. The Urban Institute's Housing Finance Policy Center issues a monthly index which,"…measures the percentage of home purchase loans that are likely to default--that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate ... more

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