In 2008, many homeowners were highly leveraged with a mortgage. Many homeowners defaulted on those mortgages resulting in the largest foreclosure wave the U.S. had ever seen. Many question whether the current market could result in another bubble. Our short answer is we will never say never but circumstances are much different now.
The new construction market has not kept pace with the population growth, relocation to man cities has exploded, largest population of new homeowners are now college graduates looking to buy, low interest rates all come together to create the current market. High demand to purchase with an extremely low supply of homes for sale.
We anticipate more new homes coming to market and more homeowners ready for the next season of life to cause an increase in available homes for sale. We are watching reports closely and will share more predictions as we study the market conditions.