The 2023 housing market is nothing like 2008 - Tom's Take 305

The 2023 housing market is nothing like 2008 and I've got a the stats to prove it. We have heard over and over that the upcoming market, is going to be just like 2008. 15 years ago, there were 8 million job cuts. Right now, there's virtually no job cuts. There were 138 million total jobs in 2008. There's 158 million in 2023. Subprime loans were prevalent in 2008. They virtually are nonexistent in 2023. There's not a flood of new homes. A lot of land is already built on. Mortgage delinquency rate was 10.1% in 2008. In 2023, we're seeing a 3.6% rate. 4.6% of all the properties in 2008 were in foreclosure. Right now, we're at 0.6%. The data always tells a story... Tune into episode 305 of Tom's Take to find out exactly what this all means for buyers and sellers and what the base course of action is for you! If you're interested in learning more or discussing further, reach out to us directly! We're happy to help you with all things Real Estate.