Housing Wire

JULY 6, 2022

This typically happens in a recession, however, the notion that credit lending in America will collapse as it did from 2005 to 2008 couldn’t be more incorrect, as we haven’t had a credit boom in the period between 2008-2022. The short (and long) answer is no, not a chance. It really is that simple, folks.

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Housing Wire

MARCH 30, 2023

today and why they’re so different than the period of 2002-2008. However, the current housing market is much different than the credit boom-and-bust cycle of 2002-2008, and it’s vital to understand why. However, we aren’t going to see the credit availability collapse in the same way we did in 2008.

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Housing Wire

OCTOBER 11, 2021

First and foremost, it is important to remember that more Americans are buying homes with mortgages in 2020 and 2021 than any single year from 2008-2019. From 2008 to 2019 we had the weakest housing recovery ever, following a bust. We had no chance of reaching this number during the years 2008 to 2019.

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Housing Wire

JUNE 7, 2021

During the previous economic expansion from 2008 to 2019, the housing market was subject to the constant refrain of build more homes. The previous economic expansion from 2008 to 2019 was the weakest housing recovery ever. Because that period followed a housing boom and bust when inventory was overbuilt.

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Housing Wire

AUGUST 23, 2021

Both together make it very difficult for an epic housing crash in sales to happen, especially when the years 2008-2019 had the weakest housing recovery ever. As I showed here, the market we have currently isn’t 2008 all over again. sickness.

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Housing Wire

NOVEMBER 8, 2023

With home prices at all-time highs and concern that the labor market will break going into a recessionary period, is another 2008-style crash a possibility? Foreclosures and bankruptcy data One of the most prominent credit stress data lines I have ever seen came during 2005-2008. Is the U.S. headed for another housing bubble crash?

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Housing Wire

MARCH 31, 2022

We aren’t anywhere close to the housing bubble dynamics we had from 2002 to 2008; that environment is simply impossible to replicate. In the past, the speculative credit boom led to people filing for bankruptcies and foreclosures in 2005, 2006, 2007 and 2008. Then after all that, we had the great recession.

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Housing Wire

NOVEMBER 30, 2021

In the third quarter, the FHFA announced that its house price index saw the largest increase since the metric was introduced in 2008. A 2008 law determines the conforming loan limits for Fannie Mae and Freddie Mac. Median home values exploded across dozens of housing markets across the country in 2021. House prices increased 18.5%

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Housing Wire

DECEMBER 30, 2023

Going into 2023, people thought housing inventory would skyrocket, home prices would crash, and we would see the housing market of 2008 all over again. In 2008, this number for that week was 249,655. From 2008-2011, new listings data averaged between 250,000 and 400,000 , peaking near 400,000 in 2011.

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Housing Wire

SEPTEMBER 8, 2022

People’s first reaction was to wonder if this was 2008 all over again. Well, it isn’t 2008, but this type of loan does have risk — and it’s the risk that is traditional among all late economic cycle lending in America when the loan requires low or no downpayment.

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Housing Wire

SEPTEMBER 22, 2021

Even with the unhealthy home price gains that we have seen in the last two years, more Americans have bought homes with mortgages in 2020 and 2021 than any single year from 2008-2019, and this looks perfectly normal with our current demographics. This content is exclusively for HW+ members. Start an HW+ Membership now for less than $1 a day.

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Housing Wire

MAY 26, 2022

Now don’t get me wrong: demand is better in 2020 and 2021 than in any single year from 2008 to 2019. But we should ask: Why is inventory so much lower now if purchase application data is at 2009 levels — a period in time when inventory was rising noticeably in 2006, 2007, 2008 and 2009? Credit stress was evident from 2005 to 2008.

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Housing Wire

MAY 8, 2024

You can see the drastic change this made in the Mortgage Bankers Association Credit Availability index , below, which skyrocketed in 2005 and 2006 before an epic collapse in 2008. Just look how lousy credit looked below in 2005, 2006 and 2007 — all before the job-loss recession in 2008. Demographics also play a role here.

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Housing Wire

DECEMBER 7, 2023

Since the 2008 housing crisis , there have been significant changes that prompted the Treasury to place Fannie Mae and Freddie Mac under conservatorship. In fact, this was never the route intended by Congress when it passed HERA in 2008. So how do we get there?

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Housing Wire

DECEMBER 15, 2023

Once the December data for existing home sales is tallied up, 2023 could be the worst year for existing home sales seen since 2008 or since 1995, Yun said during his presentation. Meanwhile, new home sales performed exceptionally well in 2023, making it the third or fourth-best year for new home sales since 2008.

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Housing Wire

AUGUST 1, 2024

The two election cycles in which home sales fell more than expected were in 2000 and 2008, years in which the economy was in a recession — with 2008 being a dramatic recession directly related to the housing market. “Of

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Housing Wire

OCTOBER 31, 2022

Then we saw an uptick in people filing for foreclosures and bankruptcy during an economic expansion from 2005 to 2008. All my six recession red flags were raised toward the end of 2006, and the recession didn’t start until later in 2008. Purchase application data is below 2008 levels today. Today, we are at 1.25

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Housing Wire

APRIL 25, 2023

The truth is, it’s not 2008 all over again. I understand the lure of the housing 2008 story. However, the people who say low inventory is fake news don’t realize that housing credit channels are very different from 2008, which has prevented total active listings from looking anything like 2008.

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Housing Wire

NOVEMBER 10, 2022

from 2007 to 2008. from 2008 to 2009. in unit sales from the peak of 2005 to the trough of 2008. The next major downturn, which started in 2006, saw unit sales fall 10.3% from 2005 to 2006, then another 22.4% from 2006 to 2007 and another 20.9% There was a slight upturn in 2009, with unit sales increasing by 2.6%

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Housing Wire

SEPTEMBER 15, 2024

In 2008, as a result of the great financial crisis , the Housing and Economic Recovery Act (HERA) established a formula which mandated that the conforming loan limit could only rise after home prices returned to pre-recession levels. The new threshold announced by lenders is a 4.71% increase over this year’s conforming loan limit.

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Mortgage 485

Housing Wire

JULY 3, 2024

People are quick to panic over any part of the housing market that looks stressed, fearing we’ll see 2008 levels of destruction all over again. The housing bubble crash years of 2008-2011 saw a surge in foreclosures due to the lack of selling equity and this also profoundly impacted housing demand. of homes were underwater.

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Housing Wire

JUNE 26, 2024

According to Bright MLS, the 481,000 new homes on the market is the most since January 2008, when homebuilders pulled back on production before the financial crisis. This inventory pileup could start to affect new-home prices. The current median price is $417,400, but in March and April, it was above $433,000, a roughly 3% drop.

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Housing Wire

MAY 18, 2023

This is not, nor can it ever be, like 2008. If it was like 2008, you’re about four to six years too early in 2023. You would need years of credit stress building up, as we saw in 2005-2008, all before the job loss recession data. housing market inventory channels have changed due to how the U.S.

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Housing Wire

SEPTEMBER 3, 2024

Doug Duncan , who’s been the chief economist at the government-sponsored enterprise since 2008, will be retiring effective Sept. The chief economist of Fannie Mae expects to hang up the cleats this year. 22, according to Rob Chrisman, who first reported the news on his blog Tuesday morning.

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Housing Wire

JULY 26, 2022

I addressed this last summer in an article titled: Why we can’t build our way out of a hot housing market : “ During the previous economic expansion from 2008 to 2019, the housing market was subject to the constant refrain of build more homes. As we can see, like everything with housing, nothing in 2022 looks like 2008.

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Housing Wire

JULY 19, 2022

We won’t see a sales decline in scale terms as we had from 2005-2008 since we simply have never had that type of sales and credit demand. This data line is already below 2008 levels currently. As you can see, the entire housing marketplace is much different from what we experienced in 2008.

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Housing Wire

SEPTEMBER 17, 2024

A total of 30,227 homes faced foreclosure filings, a far cry from the 300,000 per month seen during the 2008 financial crisis. According to the monthly foreclosure report from Attom , foreclosure filings fell 5.3% compared to July and completed foreclosures dropped by 12%. But this doesn’t mean risk isn’t present in today’s market.

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Housing Wire

JUNE 3, 2024

After falling out of favor due to their role in the 2008 housing crash, adjustable-rate mortgages (ARMs) have gained popularity over the past few years. Regarding the vintage 2003 to 2008 ARM loans, ICE said that their performance “remains resilient,“ with ARM delinquency rates increasing modestly compared to their fixed-rate counterparts.

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Housing Wire

NOVEMBER 4, 2024

Newly released data from the annual profile of home buyers and sellers by the National Association of Realtors (NAR) shows just how dramatically this trend has manifested since the financial crisis of 2008. Together, the median age of all homebuyers sits at 56. The trendline is startling.

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Housing Wire

OCTOBER 21, 2021

Also, 2020-2021 will have more home sales from mortgage buyers than any single year from 2008-2019. With only three reports left in the year, we can safely say that existing home sales in 2021 will be higher than 2020 levels. This looks perfectly normal to me.

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Housing Wire

DECEMBER 13, 2024

Underwater mortgages where borrowers owe more on their home than what it is worth pose a risk of foreclosure and hinder people from selling their homes, something that was rampant after 2008. Unlike in 2008, we will likely experience fewer foreclosures during the next recession when it happens.

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Housing Wire

NOVEMBER 18, 2022

I didn’t have to worry about this in the previous expansion — as my long-term work stated for a decade, the years 2008-2019, would have the weakest housing recovery ever. This is another factor in driving purchase application data below 2008 levels. We don’t have any housing bubble or overheated demand data, nor can we.

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Housing Wire

AUGUST 18, 2021

The previous economic expansion from 2008 to 2019 had the weakest housing recovery ever following the bust. Homebuilders are navigating their housing stock well to make sure not to give up too much on the margin side of the business in the future.

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Housing Wire

DECEMBER 8, 2021

This type of sales growth — which couldn’t happen from 2008-2019, as I have often stated — is coming with a hefty price tag. Remember that housing tenure from 1985-2007 was running at five years and then from 2008-2021 it’s well over 10 years. 2020 and 2021 easily each have over 6.2 million new and existing home sales combined.

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Housing Wire

OCTOBER 12, 2022

“Due to the minimal use of adjustable-rate mortgages (ARMs), teaser rates and exotic mortgage products, relatively few current single-family borrowers are subject to payment shocks from rising interest rates in the way many borrowers were in 2006-2008,” the ESR group said.

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Housing Wire

MARCH 21, 2023

Although he noted similarities to the market of 2008, Ratiu stressed the current market has some important differences. “What we’re seeing is something that is part of the historical real estate cycle – it moves in tandem with credit markets and the broader economy.

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Housing Wire

OCTOBER 16, 2024

But one analysis from the 2008 mortgage crisis found that “loans in majority-Black ZIP Codes were more likely to be FHA loans, suggesting that FHA played an outsized role in post-crisis homeownership in majority-Black neighborhoods,” the paper explained.

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