Housing Market Crash: What Happens to Homeowners If It Crashes?
The US real estate market has been quite uncertain in recent years. This has raised serious concerns in the minds of American citizens: Will the market crash? What effect will it have on house prices and mortgage rates? And what's going to occur to homeowners if the housing market collapses? In 2023, over 1.3 million homes faced eviction due to the housing market crash. But beyond the numbers lies the human impact. In this article, we will discuss the implications and explore how buyers and sellers can survive in volatile times. Warning Signs of a Possible Market Crash There are a number of indicators that the housing market may be headed for a downturn. After a long period of rapid growth, home prices may be in a plateau-like state (or a housing bubble). This can affect both home appreciation and sales market in real estate. The number of foreclosures is rising. These show the homeowners’ failure to pay their mortgage installments. This may signal an upcoming housing market crash...