Will the Housing Market Crash in 2024?

Loan With Jen podcast

Will the housing market crash in 2024? We address a common misconception: those anticipating a steep drop in home prices may find themselves disappointed. Fluctuations don't necessarily indicate a market crash, as defined by a rapid and significant drop in prices due to an oversupply of homes and a lack of buyers.

We also discuss Federal Reserve policies, their influence on interest rates, and the broader implications for the housing market, emphasizing the importance of understanding these dynamics for anyone involved in buying, selling, or refinancing a home.

In this episode, you’ll learn:

• A reflection on the 2008 housing crisis
• A significant shift in the loan landscape with more robust, fully documented loans, and fewer foreclosures in 2023-2024
• Despite the high rates causing some potential buyers to pause their home searches, there is a pent-up demand waiting to re-enter the market
• A potential decrease in interest rates by 2024, might be a surge in market activity

Must-listen moments:

[00:00:32] Nationwide home price trends from November 2022 to November 2023

[00:01:15] Slight decrease in home prices in December 2023 and its causes

[00:02:00] Definition of a housing market crash and its characteristics

[00:02:45] Reference to the housing bubble, comparison with previous years, and the 2008 crash

[00:03:30] 2008 financial crisis and its impact on mortgage lending

[00:04:15] Analysis of risky loan practices and their consequences leading up to the 2008 crash

[00:05:00] Foreclosure peak in March 2007 and its cascading effects on the financial sector

[00:05:45] How mortgage-backed securities contributed to the financial crisis

[00:06:30] The lending practices in 2008 and the healthier state of current loans in 2023-2024

[00:07:15] Current state of foreclosures and their absorption in the market

[00:08:00] The pent-up demand for housing and its potential impact on the market

[00:08:45] Interest rate trends in 2024 and their effect on the housing market

[00:09:15] Examination of Federal Reserve policies and their implications for future interest rates.
Resources:

2008 Housing Bubble 2000s https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble

Foreclosure Activity 2008 to 2023 https://www.attomdata.com/news/market-trends/foreclosures/attom-mid-year-2023-u-s-foreclosure-market-report/

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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497

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📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE
▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo

To contact us visit www.loanwithjen.com

Equal Housing Opportunity Lender NMLS# 514497

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