USA Today: Jeff Taylor - Is a Housing Crash on the Horizon? Eight Experts Weigh in on the PossibilitySeptember 24, 2021
Exuberant buying – with multiple offers and bidding wars – has become common across the country, reminiscent of the fevered market before the 2008 housing crash. Home prices nationwide increased year-over-year by 18% in July 2021, the largest annual growth that CoreLogic Home Price Index has measured in its 45-year history. That leads to the inevitable question: Will history repeat itself? USA TODAY spoke to eight experts to find out if a housing crash is on the horizon.
Those who are not able to make the payments might decide to sell their homes and enter the rental market, says Jeff Taylor, managing partner at Mphasis Digital Risk, a technology and risk firm that consults with mortgage lenders. “We are currently guesstimating about probably 8% to 10% will actually have to go through the foreclosure process,” he says. “And it’s going to be geographically spread out so it will not have a big impact on the housing market.”