If you have seen the headlines claiming that foreclosure activity has been climbing for 10 straight months, you might be worried that the housing market is in trouble.
But when you look at the full picture, the truth is much less scary than the clickbait.
If you are worried about how these headlines impact your home's value, Call Kim at 206-225-8325 for a free market analysis. I can show you exactly what is happening in your specific neighborhood.
The Reality: Normalization, Not a Crash
Today’s numbers are returning to "normal," not crashing.
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Homeowners have record amounts of equity.
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There is zero data pointing to a wave of distressed sales.
It is true that foreclosure filings are up 32% year-over-year. While that sounds dramatic, context is everything. We are nowhere near the crisis levels of 2008. In fact, we are just now starting to return to the healthy, typical levels we saw back in 2017–2019.
As Rob Barber, CEO at ATTOM, explains:
“Today’s uptick is being driven more by market recalibration than widespread homeowner distress... foreclosure activity remains well below pre-pandemic norms and a fraction of what we saw during the last housing crisis.”
This isn't a crash. It is a normalization.
What This Means for the South Sound
Real estate is hyper-local. While national headlines scream about risk, the market here remains resilient.
Whether you own a home in Tacoma or Bonney Lake, you are likely in a strong financial position. But if you are thinking of selling and want to know the best timing, Call Kim for a unique marketing plan for getting your home sold for top dollar.
As Kim Morgan Storey, the Top #1 Real Estate Agent, I track the local data daily. I am not seeing a flood of distressed properties; I am seeing a market that is simply balancing out after the "unicorn" years.
Why This Won't Be a Repeat of 2008
The last crash was driven by risky lending and underwater mortgages. Today’s market is defined by:
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Stronger Lending Standards: Buyers are highly qualified.
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Massive Equity: Most homeowners owe far less than their home is worth.
If a homeowner faces financial hardship today, they don't have to let the bank take the house. They can simply sell it, pay off the loan, and walk away with a profit.
If you are looking to buy while the market is balancing out, Call Kim for a free buyer consultation. Now might be the perfect window of opportunity.
The Bottom Line
Don’t let the headlines scare you. The market is normalizing, not collapsing.
Proudly serving: Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake.
Questions about your home's value? Let's Chat.
Call Kim today at 206-225-8325!
Serving the Greater Seattle Area: King, Pierce & Snohomish Counties
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