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With prices rapidly rising along with demand, many people are wondering if we're headed for a crash reminiscent of 2006. However, many economists believe we're in a much different situation today. Here are a few reasons many think a significant crash is unlikely - click to read more in depth!
- Better Lending Practices: The previous crisis was in large part due to poor and risky lending practice. Lending has become much more rigorous, making a crash less likely.
- Interest Rates: One of the reasons for the price hike is low interest rates making the higher prices more affordable. Experts predict that if interest rates rose signficantly, price growth would slow greatly. However, interest rates are only expected to increase modestly, sustaining current prices.
- Forbearance: Many wonder if all the homes in forbearance due to the COVID crisis are going to cause a crash when the forbearance ends and people are forced to foreclose. However, with current regulations the chance of these homes flooding the market is relatively low.
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Augustedge, PLLC & Real Estate
Wenatchee Office
521 S Chelan Ave, Suite A.
Wenatchee, WA 98801
509-494-8500
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Augustedge, PLLC & Real Estate
Tri-Cities Office
Cynergy Centre
4309 W. 27th Pl., Suite 105
Kennewick, WA 99338
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Augustedge, PLLC
Chelan Office
107 Emerson Ave. Suite #1 & #4
Chelan, WA 98816
509-494-8500
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Quincy Office
21 D St. SW, Suite A
Quincy, WA 98848
509-794-0610
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