1575: FICO Scores All-Time High, Foreclosure Crisis or Not? Rick Sharga, RealtyTrac

Oct 19, 2020

30:37

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Episode notes

FICO scores have hit a record high, but is a perfect FICO score the best situation? Jason Hartman discusses FICO scores along with vacancy rates. What looks the best may not be the best.

Rick Sharga, Executive Vice President of Marketing at RealtyTrac, talks with Jason Hartman about forbearances and foreclosures. Does one lead to the other, and how will this differ from the great recession? How has COVID-19 changed how millennials approach renting vs. buying?

Key Takeaways:

[1:25] You are assisting with a fundamental economic concept called price discovery.

[3:00] FICO scores hitting a record high?

[5:00] Do you want a perfect credit score or an ideal vacancy rate?

[12:30] Let's compare rent decreases of two-bedroom units.

[16:50] Number of homes on the market is down 39%.

Rick Sharga

[18:00] Everyone is asking, "is Covid going to cause a housing crash?"

[19:00] Covid has not slowed down the housing market even a little bit.

[20:45] The pandemic accelerated millennials' trend to stop as urban renters and move to a place of homeownership.

[28:30] The 2006 median price home was $650 more expensive than the median price home today, adjusted for interest rates and inflation.

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