2023 is here and so are the latest real estate market stats for this year.

Many of today’s homeowners bought or refinanced their homes before or during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak and are still lower than industry highs we've realized in the past, they are still higher than they were a couple of years ago.

Real estate experts like myself agree... there’s no chance of a large-scale foreclosure crisis like we saw back in 2008, and that’s good news for the housing market. As Mark Fleming, Chief Economist at First American, says: