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Robert Darrow, Broker Associate

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Why Today’s Foreclosure Numbers Aren’t a Warning Sign

Why Today’s Foreclosure Numbers Aren’t a Warning Sign | Keeping Current Matters

When it feels like the cost of just about everything is rising, it’s only natural to wonder what that means for the housing market.

Posted in: Advice, Economy, Foreclosures, Marketwatch

Mortgage Forbearance: A Helpful Option for Homeowners Facing Challenges

Mortgage Forbearance: A Helpful Option for Homeowners Facing Challenges | Keeping Current Matters

Let’s face it – life can throw some curveballs.

Posted in: Advice, Agent Value, For Sellers, Foreclosures, Marketwatch, Selling Tips

Why Today’s Mortgage Debt Isn’t a Sign of a Housing Market Crash

Why Today’s Mortgage Debt Isn’t a Sign of a Housing Market Crash | Keeping Current Matters

One major reason why we’re not heading toward a foreclosure crisis is the high level of equity homeowners have today.

Posted in: Advice, Equity, Foreclosures, Marketwatch, Mortgage Rates

Why Today’s Foreclosure Numbers Won’t Trigger a Crash

Why Today’s Foreclosure Numbers Won’t Trigger a Crash | Keeping Current Matters

With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market.

Posted in: Advice, Economy, Foreclosures, Marketwatch

3 Reasons Why We’re Not Headed for a Housing Crash

3 Reasons Why We’re Not Headed for a Housing Crash | Keeping Current Matters

Back in 2008, there was an oversupply of homes for sale.

Posted in: Advice, Foreclosures, Infographics, Inventory, Marketwatch

Why a Foreclosure Wave Isn’t on the Horizon

Why a Foreclosure Wave Isn’t on the Horizon | Keeping Current Matters

Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.

Posted in: Advice, Forecasts, Foreclosures, Marketwatch

Not a Crash: 3 Graphs That Show How Today’s Inventory Differs from 2008

Not a Crash: 3 Graphs That Show How Today’s Inventory Differs from 2008 | Keeping Current Matters

Even if you didn’t own a home at the time, you probably remember the housing crisis in 2008.

Posted in: Advice, Economy, Foreclosures, Inventory, Marketwatch

Foreclosure Numbers Are Nothing Like the 2008 Crash

Foreclosure Numbers Are Nothing Like the 2008 Crash | Keeping Current Matters

If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up.

Posted in: Advice, Foreclosures, Marketwatch

Homeowners Today Have Options To Avoid Foreclosure

Homeowners Today Have Options To Avoid Foreclosure | Keeping Current Matters

Even with the latest data coming in, the experts agree there’s no chance of a large-scale foreclosure crisis like the one we saw back in 2008.

Posted in: Advice, Foreclosures, Marketwatch

Home Equity: A Source of Strength for Homeowners Today

Home Equity: A Source of Strength for Homeowners Today | Simplifying The Market

Experts agree there’s no chance of a large-scale foreclosure crisis like we saw back in 2008, and that’s good news for the housing market. As Mark Fleming, Chief Economist at First American, says:

“. . . don’t expect a housing bust like the mid-2000s, as lending standards in this housing cycle have been much tighter and homeowners have historically high levels of home equity, so there likely won’t be a surge in foreclosures.”

Data from the Mortgage Bankers Association (MBA) helps tell this story. It shows the overall percentage of homeowners at risk is decreasing significantly with time (see graph below):

Home Equity: A Source of Strength for Homeowners Today | Simplifying The Market

But even though the volume of homeowners at risk is very low, there is still a small percentage of homeowners who may be coming face to face with foreclosure as a possibility today. If you’re facing difficulties yourself, it can help to understand your options. It starts with knowing what foreclosure is. Investopedia defines it like this:

“Typically, default is triggered when a borrower misses a specific number of monthly payments . . . Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.”

The good news is there are alternatives available to help you avoid going through the foreclosure process, including:

  • Reinstatement
  • Loan modification
  • Deed-in-lieu of foreclosure
  • Short sale

But before you go down any of those paths, it’s worth seeing if you have enough equity in your home to sell it and protect your investment.

You May Be Able To Use Your Equity To Sell Your House

Equity is the difference between what you owe on the home and its market value based on factors like price appreciation.

In today’s real estate market, many homeowners have far more equity in their homes than they realize due to the home price appreciation we’ve seen over the past few years. According to CoreLogic:

“The total average equity per borrower has now reached almost $300,000, the highest in the data series.”

So, what does that mean for you? If you’ve lived in your house for at least a few years or more, chances are your home’s value, and your equity, has risen dramatically. In addition, the mortgage payments you’ve made during that time chipped away at the balance of your loan. If your home’s current value is higher than what you still owe on your loan, you may be able to use that increase to your advantage.

Rick Sharga, Executive VP of Market Intelligence at ATTOM Data, explains how equity can help:

“Very few of the properties entering the foreclosure process have reverted to the lender at the end of the foreclosure. . . We believe that this may be an indication that borrowers are leveraging their equity and selling their homes rather than risking the loss of their equity in a foreclosure auction.”

Lean on Experts To Explore Your Options

To find out how much equity you have, work with a local real estate professional. They can give you an estimate of what your house could sell for based on recent sales of similar homes in your area. You may be able to sell your house to avoid foreclosure.

If you find out you have to pursue other options, your agent can help with that too. They’ll be able to connect you with other professionals in the industry, like housing counselors, who can look into your unique situation and offer advice on next steps if selling isn’t your best alternative.

Bottom Line

If you’re a homeowner facing hardship, let’s connect so you have an expert on your side to explore your options and see if you can sell your house to avoid foreclosure.

Posted in: Advice, For Sellers, Foreclosures, Housing Market Updates, Marketwatch

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Robert Darrow

Robert Darrow your Sunshine Guru

Keller Williams Realty
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Ft. Lauderdale, FL, 33308
(954) 446-9001

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