The health of this housing market: Comparing 2024 data to 2011
Today’s housing market suffers from affordability issues due to mortgage rates in the 7s and high home prices. People are quick to panic over any part of the housing market that looks stressed, fearing we’ll see 2008 levels of destruction all over again. But while home sales are trending at the lowest levels ever when adjusting to the workforce, we have some very positive housing data lines in 2024 compared to the stressed housing markets of past years.
Let’s look specifically at the current market data compared to 2011. Why choose 2011? That was the first year we were truly out of the Great Recession and the last year home prices fell in the U.S. There are some critical differences between the housing market today and what we saw then, which provide good insight into the health of this market.
Underwater homes
One of the most significant changes in the housing market since the housing crash has been the drastic reduction in underwater homes. The housing bubble crash years of 2008-2011 saw a surge in foreclosures due to the lack of selling equity and this also profoundly impacted housing demand. Today that situation has improved significantly. Consider: In the fourth quarter of 2010, 23.1% of homes were underwater. In 2024, that number has plummeted to 1.8%, the lowest level ever. Chart below represents Q1 2024 data.
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