Flood of Foreclosures on the Horizon? NO

By
Real Estate Broker/Owner with Sandpoint Realty LLC DB36113

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. 

Sandpoint Realty LLC - October Home Inventory

 

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®

208 255-6227

SandpointNorthIdaho.com - North Idaho Home & Land Searches

 

Sandpoint Realty LLC

1205 Highway 2

Sandpoint, Idaho 83864

 

 

 

 

   

Posted by

Mark Don McInnes

208 255-6227

"Experience the Difference' working with a full time professional Realtor®

Mark Don McInnes - Sandpoint Realty LLC

 

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All images and content property of Mark Don McInnes and only to be used/copied with prior written permission.

Comments (5)

Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Mark - Yes I don't see a flood either.  Housing inventory is too low.

Nov 04, 2021 09:38 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Mark your observation is spot on.  I was around during the last Sellers Market, and then collapse, and this market is nothing like that one.

Nov 04, 2021 02:08 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Mark... another one of those headline grabbing stories (just like the ones predicting a housing bubble).

Nov 05, 2021 05:57 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Mark, some do think there will a flood of foreclosures, but with so much equity, that would be one silly homeowner!  

Nov 07, 2021 07:19 AM
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Mark you are not the only one receiving this same question. Thanks for the info.

Nov 09, 2021 02:06 PM