August 22, 2023


Pexels Nicola Barts 7926666

We all know how inflation is affecting every aspect of our lives, especially in the housing market.  Rising home prices and interest rates have taken a toll on current and would-be homeowners and some experts are predicting another wave of foreclosures in the near future. As of May, 2023 there has already been an uptick in foreclosure rates around the country.

Foreclosure is never a good sign – back in 2008 and 2009, it was a huge symbol of the Great Recession.  But why are we seeing foreclosures now?  There are many factors but one main reason is COVID-19.  The lifting of all COVID-19 related moratoriums has unclogged the pipeline of distressed properties.  Many took advantage of not having to worry about evictions or foreclosures during that time and got behind on payments. 

Another problem is that the escalation of  home prices put many marginal buyers at the very top of their qualifying range so any change affecting household income can be catastrophic right now as prices climb in every category, especially groceries, utilities and gas.  And even though people now have equity in their homes, the increasing insurance costs and taxes are putting some beyond their budgets when added to all the other higher expenses.

The only good news about this situation is that home inventory will increase as more properties become available and this could help stabilize home prices, offering more affordability and giving buyers more opportunities.  It is not expected that the downturn will be as drastic as in 2008, but it will help change the craziness of multiple offers, waiving of inspections and appraisals and other risky decisions made during the housing frenzy of the past couple years.   

Barbara Meeting

We “Whip It” Good

You Can Trust Whippet Properties

We work as a team and assist each other in any way necessary to assure that every transaction is handled properly. Because we are a small company, we offer exceptional customer service and can be reached for any problems or concerns.

We don’t succeed as individuals but by working together towards a common goal. We win when you do!


Homes Sold 1999 – 2022


Average sales per year


Total sales volume 1999-2022


Average sales volume per year