In North Idaho one can go to many different sources and research questions concerning the possible Flood of Foreclosures that many, mostly the uninformed public, continue to bring into conversations, with the end of forbearance nearing . The stated flood of foreclosures on the horizon is just not going to happen.
The above chart is but one indicator the housing market is much different than that of the housing crash in 2008. 2008 and 2010 showed Home Inventory at 1 year levels and today the national average is roughly 3 months. Many areas, such as Sandpoint North Idaho, being far less than that.
Another item relating directly to this is the actual number of mortgages actually still in forbearance. There are, as of Friday October 29, 2021, 1,221,000 mortgages in forbearance. The predicted number at the beginning of the program was 9.3 million. Of the mortgages still in forbearance 93% have at least 10% equity. That equity allows for choices and options that just were not there during 2008.
Do you have concerns about possible foreclosures putting pressure on our Sandpoint North Idaho housing market? Please do contact me and I would be happy to discuss any of your concerns from both the buyer and seller side.
'Experience the Difference' in working with a full time professional REALTOR®. Your wants and needs will always be my priorities.
Mark Don McInnes
Broker - REALTOR®
Sandpoint Realty LLC
1205 Highway 2
Sandpoint, Idaho 83864