{"id":2919,"date":"2020-04-15T05:00:40","date_gmt":"2020-04-15T10:00:40","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/think-this-is-a-housing-crisis-think-again\/"},"modified":"2020-04-15T05:00:40","modified_gmt":"2020-04-15T10:00:40","slug":"think-this-is-a-housing-crisis-think-again","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/think-this-is-a-housing-crisis-think-again\/","title":{"rendered":"Think This Is a Housing Crisis? Think Again."},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\"  src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183314\/20200415-KCM-Share-549x300.jpg?w=358&#038;ssl=1\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"Think This Is a Housing Crisis? Think Again. | Simplifying The Market\" style=\"margin-bottom: 5px;clear:both;max-width: 100%\" \/><\/p>\n<p>With all of the unanswered questions caused by COVID-19 and the economic slowdown we\u2019re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it&#8217;s logical to ask that question.<span id=\"more-42132\"><\/span><\/p>\n<p>Many of us experienced financial hardships, lost homes, and were out of work during the Great Recession \u2013 the recession that <strong>started<\/strong> with a housing and mortgage crisis. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the country.<\/p>\n<p>Let\u2019s look at five things we know about today\u2019s housing market that were different in 2008.<\/p>\n<h4><strong>1. Appreciation<\/strong><\/h4>\n<p>When we look at appreciation in the visual below, there\u2019s a big difference between the 6 years prior to the housing crash and the most recent 6-year period of time. Leading up to the crash, we had much higher appreciation in this country than we see today. In fact, the <strong>highest level<\/strong> of appreciation most recently is below the <strong>lowest level<\/strong> we saw leading up to the crash. Prices have been rising lately, but not at the rate they were climbing back when we had runaway appreciation.<a href=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183312\/20200415-MEM-Eng-1.jpg?ssl=1\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-42137\" src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183312\/20200415-MEM-Eng-1.jpg?resize=650%2C488&#038;ssl=1\" alt=\"Think This Is a Housing Crisis? Think Again. | Simplifying The Market\" width=\"650\" height=\"488\" \/><\/a><\/p>\n<h4><strong>2. Mortgage Credit<\/strong><\/h4>\n<p>The <em>Mortgage Credit Availability Index<\/em> is a monthly measure by the <em>Mortgage Bankers Association<\/em> that gauges the level of difficulty to secure a loan. The higher the index, the easier it is to get a loan; the lower the index, the harder. Today we\u2019re nowhere near the levels seen before the housing crash when it was very easy to get approved for a mortgage. After the crash, however, lending standards tightened and have remained that way leading up to today.<a href=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183310\/20200415-MEM-Eng-2.jpg?ssl=1\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-42136\" src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183310\/20200415-MEM-Eng-2.jpg?resize=650%2C488&#038;ssl=1\" alt=\"Think This Is a Housing Crisis? Think Again. | Simplifying The Market\" width=\"650\" height=\"488\" \/><\/a><\/p>\n<h4><strong>3. Number of Homes for Sale<\/strong><\/h4>\n<p>One of the causes of the housing crash in 2008 was an oversupply of homes for sale. Today, as shown in the next image, we see a much different picture. We don\u2019t have enough homes on the market for the number of people who want to buy them. Across the country, we have less than 6 months of inventory, an <strong>undersupply<\/strong> of homes available for interested buyers.<a href=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183308\/20200415-MEM-Eng-3.jpg?ssl=1\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-42135\" src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183308\/20200415-MEM-Eng-3.jpg?resize=650%2C488&#038;ssl=1\" alt=\"Think This Is a Housing Crisis? Think Again. | Simplifying The Market\" width=\"650\" height=\"488\" \/><\/a><\/p>\n<h4><strong>4. Use of Home Equity<\/strong><\/h4>\n<p>The chart below shows the difference in how people are accessing the equity in their homes today as compared to 2008. In 2008, consumers were harvesting equity from their homes (through cash-out refinances) and using it to finance their lifestyles. Today, consumers are treating the equity in their homes much more cautiously.<a href=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183306\/20200415-MEM-Eng-4.jpg?ssl=1\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-42134\" src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183306\/20200415-MEM-Eng-4.jpg?resize=650%2C488&#038;ssl=1\" alt=\"Think This Is a Housing Crisis? Think Again. | Simplifying The Market\" width=\"650\" height=\"488\" \/><\/a><\/p>\n<h4><strong>5. Home Equity Today<\/strong><\/h4>\n<p>Today, 53.8% of homes across the country have at least 50% equity. In 2008, homeowners walked away when they owed more than what their homes were worth. With the equity homeowners have now, they\u2019re much less likely to walk away from their homes.<a href=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183303\/20200415-MEM-Eng-5.jpg?ssl=1\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-42133\" src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/04\/14183303\/20200415-MEM-Eng-5.jpg?resize=650%2C488&#038;ssl=1\" alt=\"Think This Is a Housing Crisis? Think Again. | Simplifying The Market\" width=\"650\" height=\"488\" \/><\/a><\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>The COVID-19 crisis is causing different challenges across the country than the ones we faced in 2008. Back then, we had a housing crisis; today, we face a health crisis. What we know now is that housing is in a much stronger position today than it was in 2008. It is no longer the center of the economic slowdown. Rather, it could be just what helps pull us out of the downturn.<\/p>\n<p>Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With all of the unanswered questions caused by COVID-19 and the economic slowdown we\u2019re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it&#8217;s logical to ask that question. Many of us experienced financial hardships, lost homes, and were out of work during the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2920,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-2919","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Think This Is a Housing Crisis? 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