We’re starting to see that inventory go away as more people are foreclosing, and if that continues, we’re going to see prices start to drop soon.
As a bankruptcy attorney, I’m seeing a lot of evidence that the housing market bubble is beginning to pop. The number of foreclosures and bankruptcy filings has been increasing over the last few months, and I’m seeing more and more people who simply can’t afford their homes anymore. The adjustable rate mortgages from 2018/2019 have kicked in, and people are unable to keep up with the increased payments. This is leading to an increase in the number of foreclosures, which is leading to a decrease in the available housing inventory – a major factor in keeping prices up. If this trend continues, we’re likely to see prices start to drop soon.
It’s important to remember that there are a lot of factors that impact the housing market, and it’s impossible to predict the exact timing and magnitude of any changes. That being said, it’s clear that the bubble is beginning to pop, and it’s important to be aware of the potential implications if you’re thinking about buying or selling a home. It’s also important to seek professional help if you’re facing foreclosure, as there are often options to help you keep your home or get the best outcome for your situation.