What Caused the Housing Crash 15 Years Ago? #MortgageLiz #shorts

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What Caused the Housing Crash 15 Years Ago?

Back in 2006, foreclosures flooded the market. That drove down home values dramatically. The two main reasons for the flood of foreclosures were:
1. Many purchasers were not truly qualified for the mortgage they obtained, which led to more homes turning into foreclosures.
2. A number of homeowners cashed in the equity on their homes. When prices dropped, they found themselves in an underwater situation (where the home was worth less than the mortgage on the house). Many of these homeowners walked away from their homes, leading to more foreclosures. This lowered neighboring home values even more.
This cycle continued for years.💰🏠

Bottom Line
The major reason for the housing crash 15 years ago was a tsunami of foreclosures. With much stricter mortgage standards and a historic level of homeowner equity, the fear of massive foreclosures impacting today's market is not realistic

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Welcome to My Channel! My name is Liz LeFore, & on this channel we discuss all Real Estate, Mortgage, & REAL LIFE Experiences to better prepare you to buy your next home. We help you build wealth one home at a time, & while educating you about the home buying process that can be basic & complex all at the same time.

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OUR PROCESS:

We can help you save thousands on your next home without spending a ton of time! My team and I will customize your home financing strategy so you can quickly and efficiently get the home you are looking for at the right price. Here's how our two-step process works:

First, we get you pre-approved so you know your options and what your buying power is. Next, we get you aligned with one of our top real estate partners who will help you negotiate the best deal on your home.

Whether you are a first time home buyer or looking to invest in your next rental property, we have helped numerous clients over the last 18 years save thousands of dollars without spending a ton of time on the home-buying process. Ready to get started? Let’s discuss your options.

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Liz LeFore Loan Officer, NMLS #457837
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👉 Download our FREE Home Buyer Guide to help you understand the process & projections on the Real Estate Market to see if right now is a good time for you to buy a home: https://mortgageliz.info/homebuyerguide
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ABOUT ME:

I'm Liz LeFore a Loan Officer with MortgageLiz Team Powered By UMortgage | NMLS 457837 I'll help you make smart decisions with your home. With 18+ yrs of experience in all areas of mortgage financing, specializing in First Time Home Buyers, Government, & Conventional Financing. I speak Spanish fluently & concentrate my time in helping you plan for the future while building wealth with Real Estate one home at a time.

Sr Loan Officer NMLS 457837 MortgageLiz Home Lending Powered By UMortgage. The views herein are of the author & not necessarily UMortgage or it’s subsidiaries. www.mortgageliz.com UMortgage Company NMLS# 1457759 | UMortgage is an Equal Housing Lender.