Show Notes
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Welcome to the Living In Portland Oregon Podcast EP. 18!
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This podcast episode revolves around a touchy subject. Is this whole COVID-19 situation in the housing market really going to rival up the same as the 2008 recession? Join me and Jesse as we discuss these 5 HUGE differences between the 2008 Housing Market Crash and the housing market during COVID-19.
Is it the same or is it different?
Will the 2008 market crash be the same during this COVID-19 situation?
Stay tuned for the last hack at the end!
Here are some key facts:
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In 2008, the mortgage industry CAUSED the recession. Thatβs why you will see a dramatic drop in the housing value in 2008 VS. all of the other recessions leading to that one.
Mortgage credit availability index:
The higher the index number, the easier it is to get a mortgage.
The lower the index number, the harder it is to get a mortgage.
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In 2019, the leading economists projected that a recession would come, but nobody foresaw that we are in a health crisis, but they predicted that the housing market would continue to grow which is a strong indicator that even if we will have a recession, this will not be a repeat of what happened in 2008.
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Appreciation. In 2008, house values were soaring. The market is very volatile before, but if you will take a look at the housing market values from 2020 going back 6 years, the market is excellent.
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In todayβs industry, we had the tightest regulations weβve ever had. We are in an index of 152.1. So, essentially, it was 6 times harder for us to get a loan today than in 2008.
This means a couple of things:
The lending industry has the best insights on what you are going to be able to afford. How much are you comfortable spending?
β
The use of equity.
π πStay tuned for the last difference!
Disclaimer: The COVID-19 situation here in Portland, Oregon is going to be something that we are going to monitor on a frequent basis with podcast updates and live videos in our YouTube Channel
Living in Portland Oregon. .
π² We have so many people contacting us who are moving here to Portland Oregon and we ABSOLUTELY love it! Honestly, if you are moving or relocating here to Portland or Southwest Washington, we can make that transition so much easier on you!!
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Jackson Wilkey and Jesse Dau
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π² Call/Text Direct at 503-837-3454
π² Email: info@realagentnow.com
π¨βπ» Website: realagentnow.com