Is it true that if a lot of properties go into foreclosure that the prices in the Philadelphia housing market will drop?
Experts are worried that many homeowners that entered into a mortgage forbearance, due to the pandemic, may face foreclosure. However, when you look at all the data, it’s clear the actual level of risk is quite minimal.
Ivy Zelman, CEO of Zelman & Associates an expert in real estate, was very firm in a podcast interview last week saying…
“The likelihood of us having a foreclosure crisis again is about zero percent.”
With demand high, supply low, and little risk of a foreclosure crisis, home prices will continue to appreciate.