Good news: it’s unlikely to happen today. The key difference is the current housing market has a shortage of homes for sale, not an oversupply. In 2008, there were too many homes on the market, but today’s data doesn’t support that scenario.
Housing supply primarily comes from three sources:
- Homeowners selling their houses.
- Newly built homes.
- Distressed properties (foreclosures or short sales).
You can delve deeper into today’s housing inventory to understand why the situation is different from 2008 by clicking this link:
Keeping Current Matters