August 9, 2021 / By Steven Thomas
SEEMINGLY EVERYONE IS EXPECTING A WAVE OF FORECLOSURE DUE TO FORBEARANCE, YET TAKING A CLOSER LOOK AT THE FACTS REVEALS THAT IT SIMPLY IS NOT GOING TO HAPPEN.
The Distressed Market
Fewer homeowners are opting to sell despite homes appreciating to record levels.
Remember the Y2k scare? It was when the calendar year changed from 1999 to 2000, the turn of the century. There were predictions of global chaos because computer programs would reset from ’99 to ’00, making the year 2000 indistinguishable from 1900. The programming error could potentially bring down electric grids, banking, airlines, and cash registers worldwide. Many feared that it would cause a global recession and airplanes would literally fall from the sky. As a result, people stocked up on food, water, backup generators, and withdrew large sums of money in anticipation of the coming catastrophe. Companies and governments worldwide worked with programming experts and took pre-emptive action in the years leading up to January 1, 2000. In the end, contrary to the public expectation, very few errors occurred, and a disaster was averted.
For the Full Report, Subscribe Today at www.ReportsOnHousing.com