Lessons Learned From the Last Recession?

The buzz is that we are headed for another recession.  How will this affect your home’s value?  Fortunately, the trend isn’t bad.  Out of the last six recessions, there were only two where home values dropped, 1991 and 2008.  In fact, the other four show home values increasing anywhere from 3.3% to 6.6%.

Unfortunately, the recession in 2008 was a big hit to home values, dropping more than 19%. One of the biggest mistake during the 2008 recession was home owners had been borrowing against the equity of their home, purchasing boats, cars, etc.  In fact, some were seeing their mortgage being higher than the value of their home. In return, mortgages were not paid and homes went into foreclosure. However, it seems there have been lessons learned from the mistakes in the early 2000s.  Time will tell what happens with the next recession…

Read the Original Article Here: The One Thing Every Homeowner Needs To Know About a Recession

Additional Reading:  https://www.keepingcurrentmatters.com/2022/04/21/why-this-housing-market-is-not-a-bubble-ready-to-pop/