https://welcomehomeabq.com/albuquerqu... - 2021 Albuquerque Real Estate Trends
Tego: One of the questions we get a lot, and I get a lot is, are we seeing 2008 all over again? Are we going to see a housing crash again? And the, and I would say the the answer is a, is a very strong, no, it’s, it’s not the same. And you said something that, that was, it was a great example of how this is different, or just one of the many examples, how this is different back in 2008, 09, 10, when we were, we’re dealing with all those short sales meaning people that had to, uh, get their home sold and have the bank take short with the, with the lender was owed on the home, the lenders weren’t in a really well working with people, they were just saying, sorry, you didn’t pay your mortgage. You know, foreclosure this time. It’s very different. There’s these forbearance programs that are available. You know, if you’re in a mortgage and you have an issue, and you’re not able to make your mortgages for financial reasons, you need to reach out to your loan servicer, and your loan servicer is basically the person you’re paying your mortgage to. Right. Right. And there’s a bunch of freedom mortgage bank of, you know, all the banks and everything and, and just reach out to them and say, Hey, I need some help here. I’ve found, you know, going on the different websites, every one of those, you know, big national mortgage servicers, they have something right on their home page or their website need help reach out here. That is very different than what was happening in 2008 and nine. So there’s a lot of workout options as they call it for people that, that, uh, aren’t able to continue in making their mortgage. Right. So, so just remember, help us available and the other thing, Tracy is we’re so different than 2008, 09, 10, because people have equity in their homes this time around way more equity in their homes. And so there’s that other option, which is sell the home, but not as a distress sale, not as a foreclosure where you give it back to the bank and have that on your credit history, ruining your credit. Um, you know, I read something the other day I was reading some stats on, you know, what’s been happening with the forbearance programs since the beginning of the pandemic. And there was a bunch back in March, April, um, right now about 50% of the people that entered those programs are now off that those programs either they’ve exited the programs, meaning they’ve started to make up their payments, they’ve refinanced and started making their payments, or they paid off the loan, which means they probably sold the home. So, you know, a good 50% of the people are in those programs have come out of those programs. So that’s a good sign going forward. The reality is we still have about, I think the, uh, and, and I, I apologize. I think the number is about 3,000,000 people in the country that are still in some form of delinquency on their mortgage. Uh, and just remember, I’m say this again is delinquency does not equal foreclosure delinquency just means people are not making their payments. That doesn’t mean it automatically equates to the home going into foreclosure. Right. Right. And, and I keep seeing that being reported as the, that one equals the other. And it just, it’s just not the case because there are so many options for, for people.
https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
[email protected]
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