Hey everyone, today we are digging into the numbers surrounding foreclosures, looking specifically at Dallas-Fort Worth. The results may not be as “doom and gloom” as some may lead you to believe. Watch the video to find out why.
“There’s a lot of talk about foreclosures, so let’s set the record straight. I’ve seen reports that they’re estimating that 10 million houses were going to be foreclosed on because of forbearance. Now, we’re down to 2.2 million in forbearance. You’re like, ‘Wow, a couple million. Is that a lot?’ Yeah, it’s quite a few. Back in 2008-2009 when everything crashed, there were about 2.5 million foreclosures per year, so yeah, it’s a significant number.
Here’s where we’re at today. So, in 2020 we had 35,000 foreclosures, but that doesn’t really count. It was 2020, it’s like that year didn’t happen. In 2019, we had 7,000, which is a normal number. That’s DFW, now in the whole entire United States, there were 500,000. So if we extrapolate those numbers, it should be 4-5 times that 7,000 number, which is 28,000-35,000. If you’re keeping up with the market updates, then you know we’re down 25,000 houses. So, theoretically, if this happened all at the same time, we’d be back in a balanced market. So the doom and gloom of the housing market, I don’t believe is going to happen here in Dallas-Fort Worth. At least, not solely because of foreclosures. For more DFW info, all that cool stuff, real estate, like, share, and follow.”