Hello everybody, welcome back to Suburban Snacks! This month’s snack is wafer rolls! Before we review the snack, we’ll be informing you on whether or not the housing market can crash like in 2008. Is the housing market melting down? Is there going to be a crash? Will it be 2008 all over again? Now let’s be clear the market could crash in the next year. Fortunately, while prices are moderating and dropping slightly, no one’s predicting a repeat of 2008. Today’s housing market is in far better shape thanks, in part, to lending regulations made after the meltdown to avoid another one in the future. Lending has become much stricter and many things have been put into place like the CFPB. One way the increased strictness can be seen is the higher credit standards lenders hold themselves to. The average borrower’s FICO score is 751 today compared to 699 in 2010. In addition, historically risky loan types such as adjustable-rate mortgages (ARMs) now come with important borrower protections like interest rate caps. These help prevent the sky-high payment increases that pushed many borrowers to foreclosure during the mortgage crisis. In addition to the strictness of lending, homeowners in today’s market have much more home equity. In fact, in the second quarter of 2022, the average level of equity for homeowners with mortgages hit nearly $300,000, according to CoreLogic. We are quickly heading into the historically busy time of the year for home buyers and sellers. Summertime is when people decide to move or sell their homes because their kids are out of school and they have the time to get off of work. Summer of 2023 will really show the true colors of the market and what the rest of the year holds for the real estate industry. So if you are looking to invest in a home or sell your home in Southern Arizona, then we at Suburban would love to help! Do you like wafer rolls? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get in contact with us feel free to check out our website at suburbanrealestategroup.com. Thanks for watching, my name is Cade Olof and we will see you in the next one!