Foreclosures, mortgage rates, housing prices; if there’s one person to ask about any of it, it’s Rick Sharga, Executive Vice President at ATTOM, who handles housing market data and forecasting all day, every day. Rick is often seen as a housing fact crusader, taking down the clickbait hype that many mainstream articles love to post. While other media channels push fear, Rick focuses on facts, showing what’s happening in the housing market, whether it’s good or bad news.
Rick knows much more about home foreclosure numbers than most, so we took time today to ask him exactly how rising interest rates, crushing unaffordability, and shrinking home prices affect today’s homeowners. Could there be a foreclosure crisis on the horizon? Or, are homeowners in such a solid position that the chance of getting foreclosed on is slim to none? And if you’re looking to make some money during this declining market, which strategy would work best as buyers and sellers get desperate?
We also take a chance to get Rick’s opinion on where interest and mortgage rates could be heading over the next year. Rick lays out the exact scenarios that could cause rates to plummet or rise multiple percentages and how homebuyers may go through a rate “reprogramming” to get hungry for houses once again. If you’re holding, buying, selling, or renting in 2023, this is the data you need to know!
In This Episode We Cover
The interest rate “reprogramming” and why rates don’t need to hit rock bottom for a buying frenzy to start again
Mortgage rate predictions and what could happen that would cause rates to spike in 2023
The latest foreclosure data and why homeowners being “underwater” isn’t what you think
The best opportunity for real estate investors and the revival of wholesaling in 2023
Bad news for house flippers and why profits are starting to drop for home renovations
The “short-term pain, long-term gain” of real estate investing in 2023 (and beyond!)
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Forums
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Join BiggerPockets for FREE
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Join the Future of Real Estate Investing with Fundrise
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Subscribe to The “On The Market” YouTube Channel
Dave’s BiggerPockets Profile
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Jamil's BiggerPockets Profile
Jamil's Instagram
Hear Our Past Episode with Rick
ATTOM’s Home Flipping Report
Connect with Rick:
Rick's LinkedIn
Rick's Twitter
Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-66
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