07/24/2024
Why a Foreclosure Wave Isn’t on the Horizon ✨🏡
One of the main reasons there were so many foreclosures during the last housing crash was because relaxed lending standards made it easy for people to take out mortgages, even when they couldn’t show they’d be able to pay them back. At that time, lenders weren’t being as strict when looking at applicant credit scores, income levels, employment status, and debt-to-income ratio.
But since then, lending standards have gotten a whole lot tighter. Lenders became much more diligent when assessing applicants for home loans. And that means we’re seeing more qualified buyers who have less of a risk of defaulting on their loans.
If you’re worried about a potential foreclosure crisis, know there’s nothing in the data to suggest that’ll happen. Buyers are more qualified now, and that’s one reason why they’re not falling seriously behind on their mortgage payments.
Imelda Trevino, TX REALTOR®
“Where Every Move Matters.”
📲(512) 808-8091
🌎 Imelda.carlsongroupatx.com
💌 [email protected]
📍Keller Williams Realty, Austin SouthWest
1801 S MoPac Expy #100
Austin, TX 78746
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