As the pandemic slowed down, the anticipation of foreclosure and short sales the first year was imminent. This round versus the 2008 market bust was not the same. Million's of homeowners lost their jobs due to the trickle down effect from the pandemic. There was tons of short sales and foreclosures abroad in that timeframe. Unlike now the banks learned from those time and offered forbearance programs that actually worked. They kept many families in their homes and did not foreclose or short sale. Fewer home went underwater and the program actually worked better than many thought. Without suitable programs the forbearance programs saved the market that would add a surplus of home back on the market a could have balanced out the housing market valuation. This is the complete opposite than the 2008 housing bubble.
The National (MBA) Mortgage Bankers Association statistics through March 31, 2022 show's that 37% were paid in full, 44.6% worked out, many with viable payment plans and 18.4% are still in trouble. 525,000 remain in forbearance as of March 31st, 2022. This program actually worked this time around.
Many homeowners have a lot of equity in their homes to afford a standard sale compared to 2008 market crash. This is due to the unexpected record breaking rise in home prices since 2020 beginning phase of the pandemic and still rising. This is a record historical housing market season recorded in a 45 year history. The recent home price appreciation has immensely help homeowners stay out of the negative with mortgage companies. Nationally a 55% average increase has been reported by CoreLogic. The supply and demand was a valuable asset for increase in home evaluation. This created bidding wars all over again and worst than the market crash in 2008. I suggest to find out from a trusted realtor to find out what your home value is recorded in today's market.