4 ms·
The mortgage market has changed a lot as a result of 2008. It's harder to end up underwater now with requirements for less biased appraisals, actual income, and
by ryathal 4y ago
The mortgage market has changed a lot as a result of 2008. It's harder to end up underwater now with requirements for less biased appraisals, actual income, and actual assets. The other thing to note is that even in 2008 almost every home in the country had recovered to above 2008 prices within 5 years. Buying a house without a reasonable confidence of living 5 years in that home is taking a big risk.
- refurb 4y agoCities like Las Vegas just recovered to their 2008 peak just before Covid hit. And if they see a correction now they may drop below their 2008 peak. https://fred.stlouisfed.org/series/LVXRNSA https://fred.stlouisfed.org/series/LVXRNSA