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If you have seen recent headlines about foreclosure filings increasing, you might be wondering if the housing market is headed toward another 2008 style crash. It is a fair question. The short answer is no, and the data tells a much calmer story than the headlines suggest.

Today, about one percent of homeowners are considered seriously delinquent, meaning they are more than ninety days behind on their mortgage.

To put that into perspective, during the housing crisis the serious delinquency rate was closer to nine percent. That difference is not small. It is the difference between a stressed market and a collapsing one.

It is also important to understand that a late payment does not automatically lead to foreclosure. Many homeowners work directly with their lenders to create repayment plans. Others choose to sell their home, often using their built up equity to walk away with money instead of distress. Unlike the last crash, most homeowners today are sitting on significant equity positions.

The local takeaway is simple. What we are seeing is not a foreclosure wave. It is a slight normalization as the market adjusts after several unusual years of rapid appreciation and historically low interest rates.

Headlines are designed to grab attention. Markets are driven by facts.

If you are curious about what these trends mean for home values in our local communities or you want a realistic picture of where the market is headed, connecting with a knowledgeable local real estate professional can help separate national noise from local reality.

If you find yourself falling behind on payments, do not wait until foreclosure becomes your only option, reach out early because in many cases your equity can still be protected with the right plan.

George Sykes
Managing Broker, Worth Clark Realy
618-531-4000

Don't forget: I list homes for 2.5% or $5,495 commission whichever is less. Keep more of your money.

Because "In a digital age of shares and likes, you need a Realtor LIKE George Sykes"