Episode #871 Everyone keeps talking about an incoming surge of home foreclosures. Over the past few years, online crash predictors shouted from the rooftops about how another foreclosure crisis is always on the way, and we’re only months from a full-on meltdown. How much of this is true, and how much of it is pure clickbait? We’ve got Rick Sharga, Founder and CEO of CJ Patrick Company, one of the world’s leading housing market intelligence and advisory firms, on the show to tell us what the data points to. Ever since the pause on foreclosures during the pandemic, homeowners have been getting win after win. They were able to save up plenty of cash, their home values skyrocketed, and they could refinance at the lowest mortgage rates on record. Now, with high rates, still high home prices, and steady demand, homeowners have most of the power, EVEN if they’re behind on payments. But, as the economy starts to soften, could the tapped-out consumer finally force some homeowners to default on their loans? In this BiggerNews episode, Rick will give us all the details on today’s current foreclosure landscape, walk us through the three levels of foreclosures, give his 2024 foreclosure prediction, and share the economic indicators to watch that could signal a coming foreclosure crisis. ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?utm_source=owned_media ~~~~ Expand Your Investing Knowledge With the BiggerPockets Books: https://store.biggerpockets.com/?utm_source=owned_media ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Find Investor-Friendly Lenders: http://biggerpockets.com/findlenders ~~~~ Grab Dave and David’s New Books: Start with Strategy: https://store.biggerpockets.com/products/start-with-strategy?utm_source=youtube&utm_medium=description&utm_campaign=none Pillars of Wealth: https://store.biggerpockets.com/products/pillars-of-wealth?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Catch Dave On the “On the Market” Podcast: https://link.chtbl.com/OTM ~~~~ Grab “The One Thing” by Gary Keller: https://store.biggerpockets.com/products/the-one-thing?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Rick: LinkedIn: https://www.linkedin.com/in/ricksharga/ X/Twitter: @ricksharga or https://twitter.com/ricksharga Website: https://cjpatrick.com/ ~~~~ Connect with Dave and David on BiggerPockets: Dave: https://www.biggerpockets.com/users/davem27?utm_source=youtube&utm_medium=description&utm_campaign=none David: https://www.biggerpockets.com/users/davidgreene24?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Follow Dave, David, and BiggerPockets on Instagram: Dave Meyer: @thedatadeli or https://www.instagram.com/thedatadeli/ David Greene: @davidgreene24 or https://www.instagram.com/davidgreene24/ BiggerPockets: @biggerpockets or https://www.instagram.com/biggerpockets/ Show notes at: https://link.chtbl.com/BPRE 00:00 Intro 01:27 Foreclosure UPDATE 06:02 3 "Levels" of Foreclosure 11:01 What Foreclosure "Crisis"? 19:09 2024 Foreclosure Prediction 22:45 Consumer Debt JUMPS 26:10 Will Supply Finally Increase? 29:28 Foreclosure Indicators 33:52 SG: How to Use Home Equity to Invest