As we continue to keep our clients and friends up to date with the latest goings-on in our market, we’ve been hearing a lot of people asking if we’re headed into a recession. Our friends over at eXp just had their shareholder meeting, and they provided a lot of great data to help answer that question.
Back during the Great Recession of 2007 and 2008, 14.5% of homeowners had less than 10% equity in their homes. Today, that number has dropped to 6.6%. Back then, the number of active subprime loans hit 5.1 million, where today, it’s only at 1.98 million. Those were a huge factor in what caused the Great Recession, and today we simply don’t have the same issues.