Are we heading for a recession like we
had in 2008? Let's find out now.
Hey everybody Todd partner with Myrtle Beach
living in beautiful Myrtle Beach South
Carolina and in this episode I want to
compare today with 2008. If you're new to
this channel and you want to know all
there is to know about the Myrtle Beach area
you're in the right place. Be sure to
click on the subscribe button and tap
the bell to be notified when we post a
new video. Many people are wondering is
this housing market heading to the way
it was in the crash of 2008? I want to
share some reasons I feel that that
answer is no. In 2008 the housing
inventory was very high there were homes
being built everywhere and you basically
could get what you wanted. In today's
market that isn't the case. The inventory
is very low which is great for the
seller. Due to the crash the buyers
ability to purchase was very low. Today
it is much easier to get a loan and the
economy is very strong especially in the
job market
in 2008 to 2010 there were many
foreclosures. This did not help the
market at all. Today the majority of
foreclosures have been dispersed and
there very few of them on the market. As
well in 2008 the interest rates were
very high. They have dropped
significantly and today you can get
a loan for even under three and a half
percent. That's the lowest in years. A lot
of people think it took years for the
market to recover after the crash. In
reality the market recovered in just 56
days. With the market fluctuating like
crazy during this time a lot feel it
will take forever to recover now. However
with everyone being stuck in their home
for so long I feel the market will
rebound quickly and become stronger than
it was before. We shall see. So in summary
the numbers don't reflect where the
market was in 2008
therefore the economy should make a
stronger comeback once the virus threat
is over. Be sure to check out my next
video
Thanks for watching!
