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Is Our Market Headed for a Recession?
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Are we headed for a recession like the one back in 2007? Here’s what you need to know. As we continue to keep our clients and friends up to date with the latest goings-on in our market, we’ve been hearing a lot of people asking if we’re headed into a recession. Our friends over at eXp just had their shareholder meeting, and they provided a lot of great data to help answer that question. Back during the Great Recession of 2007 and 2008, 14.5% of homeowners had less than 10% equity in their homes. Today, that number has dropped to 6.6%. Back then, the number of active subprime loans hit 5.1 million, where today, it’s only at 1.98 million. Those were a huge factor in what caused the Great Recession, and today we simply don’t have the same issues.
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