Housing foreclosures hit historic lows in 2020 despite predictions of a bubble, unlike 2008 when they spiked. The video breaks down why the market stayed strong and what's actually propping up home prices today.
Today's market is not in a housing level. So back in 2008, when there actually was a housing bubble, There was almost 3 million homes up for foreclosure. Compare that to last year, 2020, where there are only about 200,000. So 1/10 of what it was. There actually was a housing level. Big part of this. People aren't getting into bad loans and unqualified buyers aren't getting houses. And the government had their forbearance program, which kind of helped extend people, families that were in trouble last year, they didn't go up for foreclosure. They had time to work through the tax payments on to the end. Less foreclosures last year than any time in the last 16. Housing market's as strong as it's ever been before.
