Why Rising Foreclosures Are Not 2008 Again

“Foreclosures are rising” is the kind of headline that can hijack your nervous system, especially if you remember 2008. We slow it down and put real numbers and real context behind the fear: foreclosure filings can increase from artificially low pandemic levels without signaling a housing crash. The question we keep coming back to is not “Are we crashing?” but “What’s the full context, and what does it mean right here in Western North Carolina?” 

From there, we bring it home to the Henderson County real estate market. Inventory is still limited, demand is still moving, and prices are holding steady even as buyers take more time. We talk through what we’re seeing in pending sales, new listings, and why longer days on market can be a sign of a stabilizing market rather than a falling one. We also explain why homeowner equity changes the foreclosure story and how it can create options like selling, refinancing, negotiating, or downsizing before things ever get to a worst-case outcome. 

Then the conversation takes a turn into something deeper: a book that’s been encouraging and challenging us, The Top Five Regrets of the Dying by palliative care worker Bonnie Ware. We walk through the regrets people share most often and what they invite us to do now, not someday, with our time, relationships, and happiness. Real estate is never just a house, it’s a life transition, and we want you making decisions with clarity, not fear. 

If this helps, subscribe to the podcast, share it with a friend in Western NC, and leave a quick review so more neighbors can find grounded market guidance. What headline do you want us to put in context next?

Transcript

Welcome And How To Reach Us

SPEAKER_01 0:00

Welcome to the George Real Estate Group Radio Broadcast, Podcast Edition. Good morning and welcome to the George Real Estate Group Live Radio Broadcast here on WHKP every Thursday morning, bringing you positive news about your local real estate market and community. So grateful to be here with you. Just so thankful. There's so much to talk about this morning. We've got a lot of news about what's going on in the real estate market. Got to give an update, uh, share about a uh a book that I've been uh reading and uh that's uh that was encouraging to me. I thought I'd share with you about that. But if you're tuning in for the first time ever, the George Real Estate Group's located in Flat Rock. We serve all of Western North Carolina and the upstate South Carolina. If you're thinking of buying, selling, or investing in real estate or a career in real estate, we'd love to have the conversation. Uh we we I joke, we have a very dangerous location. We're right next to our friends at the Flat Rock Bakery, Hubba Hubba Barbecue, Campfire Grill, uh the Wrinkled Egg. And if we can, uh if you can get you a cup of coffee, you're come by, stop by and say hello. We have incredible agents, incredible staff, and we love serving our community through real estate. Uh it could be your personal home, it could be your investment property, it could be uh planning ahead with your estate, maybe considering a 1031 exchange. I mean, so many different scenarios why uh we work with our clients and life happens, therefore real estate happens. It could be a really positive reason why you're buying or selling, it could be a very challenging reason. I mean, there's a lot of different reasons. You know, the market's the market, and we'll dive into what's actually happening here locally. And you know, the economy is the economy, the the uh interest rates, the interest rates. I mean, uh, when you think about interest rates, I mean, the new Fed chair, uh uh Kevin Walsh uh was confirmed uh by the Senate yesterday to succeed Jerome Powell. Um, and again, that's uh you know, that that's some big news. But here's the thing interest rates are the interest rates. I mean, you know, the we're gonna see, and we've noticed and we've we've followed this. I mean, regardless, uh, you know, the economy, again, real estate is a life-driven event. We'll dive into some of the the numbers of what's happening. But uh again, if you're tuning in for the first time ever, the George Real Estate Group, you can call us directly, 828-393-0134. 828-3930134. Find us online at realestatebygreg.com. You can also uh call us. You can follow us on social media. Speaking of social media, we have a lot of information of a lot of our new listings, our inventory, uh successes we've had, uh, homes and properties we've closed on social media. You can follow us there. We also podcast all of our radio shows, no matter where you live. Uh, we podcast all of our radio shows. You can find that on your favorite uh podcast platform, Apple, Amazon, Spotify, Alexa. You know, we'd love to connect with you there, but be sure to subscribe to our podcast. We actually have a big uh broker open this morning uh from 10 a.m. to one for all the real estate brokers. It's agents uh only, not this is not a public open house, but for agents uh that like to you know come preview this property. This is a spectacular property. It's uh in Saluda, 2.77 acres. This property has over 4,500 square feet. And so for our brokers listening this morning, again, if you can come out, we have a broker brunch this morning from 10 a.m. to 1 p.m. It's uh co-hosted by Patrick Hunt with the United Federal Credit Union. Also, attorney Justice Mullen, we're grateful for their support. This is a spectacular property, 1072 Corsica Lane in Saludan. And if you're not a real estate broker and you're not listening and and you're just uh you're listening uh and want to and you're curious about it, this home's amazing. Uh check it out online at our website, real estate by greg.com, 1072 Corsica Lane. Phenomenal house. Actually, then it's uh it's a luxury house, a luxury property, uh, stunning, year-round panoramic views, breathtaking, and spectacular uh finishes and open floor plan and gourmet kitchen, you know, has the sub-zero fridge, the commercial grade stove, the Brazilian wood countertops. It's it's a stunning, stunning house offered at$2.45 million. Uh, and again, that's a broker open today. That's just an example of of some of the properties that we uh facilitate. We work from all price points, um, you know, down, you know, it's uh the$25,000 vacant lot to the multi-million dollar commercial property and everything in between. Uh, we have an incredible listing in Kenmere, 10 uh 100 Elm Ridge Drive in Kenmuir in Flat Rock uh for$1.325 million. Phenomenal home there,$4,700 square feet. Uh again, just an example of another property we have. We have some we have an incredible home downtown or near downtown, actually near the country club. Uh 110 Sheritan Avenue, phenomenal house near the Acusta Trail for only$425. Uh built in 1955. Amazing home. Uh we have homes in uh the Vista at Blacksmith Run. We have uh homes in Carriage Park, homes in White Oak Village, homes in uh, like I said, Kenmuir, uh uh one in uh you know uh Sunset Ridge. We have amazing properties. Again, if we can help you. That's just a sampling, but certainly go to our website, realestatebygreg.com, realestate by greg.com. You can see and look for any of our properties. We have an amazing home on uh 1867 Fruitland Road in Hendersonville, almost six acres. Homes over uh oh oh uh 3,000 plus square feet. Amazing property on Fruitland Road. Uh we have a big sign up there uh that says house and acreage. If you're curious, you can call us. Again, call us directly 828-3930134. There's a lot of news and headlines that uh you may be seeing lately. Foreclosures are rising, and and we're gonna talk about it in the context of what's actually happening. But you know, when people hear the word foreclosure, a lot of people go back to 2008, and that's understandable. The housing crash left a deep impression on people, and nobody wants to see families losing homes or neighborhoods flooded with distressed properties, but this is not the same story, and that's the most important part. The story, today's foreclosure story is not the 2008 story. Yes, foreclosure filings are up, but let's put it into context. And according to uh Adams Quarter One 2026 foreclosure market report, um, that there's uh 118,000 U.S. properties had foreclosure filings in the first quarter, but that's up six percent, six percent from the previous quarter, up from twenty-six percent a year ago. But here's the thing the headlines technically true, foreclosures are rising, but the headline by itself doesn't tell the main story, and so what we're seeing right now is more of a normalization than a collapse. You know, during the pandemic years, foreclosure activity was artificially low because of moratoriums. I mean, I don't think I could find 10 foreclosures for sale in the entire county right now. Um, and I'll pull that number up here. But the the and again, percentage, perspective, right? So so forbearance programs, the moratoriums that we had. So when foreclosures rise from unusually low levels, the percentage increase can sound dramatic. 26% increase sounds scary, and you have but you have to ask from where, from what starting point, and the context matters. This is the there's an article on our most recent blog post, and you can go to George Real Estate Group Radio.com. This point, this is the the that our blog is making, makes this clear. Foreclosure filings may be rising, but they are still historically low. And so the biggest reason this does not look like 2008 is the equity, homeowner equity. Many homeowners today have such a financial cushion they simply they did not have during the housing crash. And here's the difference. In 2008, homeowners owed more on their homes than their homes were worth, and that means they were underwater. If they lost a job, had a medical emergency, or couldn't afford their payments, they had a few options. Selling the home often didn't solve the problem because there wasn't enough equity to pay off the mortgage. And today the average homeowner is in a much stronger position. ICE Mortgage Technology reported that homeowners continue to hold nearly$17 trillion in total home equity. That's roughly$11 trillion considered tappable equity. And that means homeowners, even if they were facing financial hardship, they may still have options before closure become foreclosure becomes the only path. And this is the difference. A homeowner with equity, equity can potentially sell, refinance, negotiate, use a HELOC. They can downsize before losing the home. I mean, some families are absolutely feeling the pressure from rising insurance costs, the property taxes, maybe they're overextended with credit card debt, student loans, auto loans, and the overall cost of living. I mean, so a rise, let's be clear. A rise in foreclosure filings doesn't automatically mean a housing crash is coming. And we have such low inventory. And by the way, in it in and we don't take this lightly, and we've walked alongside clients that have had financial challenges and struggles. A lot of times there's equity in your home that can give you a restart and a reset. And so here's the thing: this is when we bring this back to Henderson County in western North Carolina, this is why it's important not to make decisions based on national headlines alone. This is where context matters. Real estate is local. And here's the thing. In Henderson County, right now, there's less than 600 total active homes on the market. We're averaging 135 homes a month selling. We've had more homes sell in Henderson County in the last 12 months than the previous 12 months. And in fact, our home prices are holding. I mean, in through the end of April in Henderson County, essentially, again, when I say prices are holding, if you look at the last 12 months, let's let's let's look at that. In the last 12 months for single-family homes in Henderson County, which again, less than 600 homes in the market, we're averaging 135 a month selling. It's supply and demand. We're still technically in a seller's market. This is why prices are holding. Average single family home price in Henderson County over the last 12 months, 546. That's significant. If you look, if we look and compare year to date through the end of April this year versus the end of April last year, home prices are essentially flat, which is fine. Flat is great. The other fascinating thing is pending sales in Henderson County, January 1st through the end of April, are up almost 13%. That's actually outpacing new inventory. New listings in Henderson County are up 7% January 1st through the end of April this year versus the end of April last year. Up 7%, but the demand is up almost 13%. Closed sales are up 1.2%. Here's the biggest difference to point out it's the days on market. Buyers are just being a little bit more cautious. They're taking a little bit more time. Things are not selling in the two weeks that they were selling for previously. Now, again, last year, it was around this time, two months average days on sale, days on the market until it goes under contract. Now, closer to 90 days until a home goes under contract. Three months. This is not this is actually more normal. The market is stabilizing. So again, here it's still in our local market, in our market, it's there's still demand. We have low inventory levels compared to truly an oversupplied market would look like. Limited inventory. Buyer sellers are still sitting on equity from years of price appreciation. We have so many buyers that want to be in this area, and that's you can just see it. The numbers are the numbers. Now it doesn't mean homes sell instantly, and it doesn't mean you could, as a seller, can overprice your home and expect multiple offers. But this is not the same as 2008. And again, when we're talking about foreclosures, this is not the same. In 2008, the market had loose lending standards. The joke was if you could fog a mirror, if you could sign your name, you could get a loan. But there was a thing called uh NICO, no income. Uh what was the oh, I'm missing the no income. No, Nina, no income, no assets. It was called Nina. You could if you you just promised to pay it back, the banks were giving you money. The risky loan products, and then actually there was overbuilding, and there was a wave of for of homeowners with little to no equity. I think the number of foreclosures, actually, if you look across the country, is less than 1% right now. Back then, the amount of homes that were selling in the 2010, 2011, 2012 market, for context, it was almost 40% were some type of distress. It was a combination of foreclosures and short sales. Today's market is not the same. Today's lending standards have been stronger. Supply is still low in a lot of markets. Homeowners general generally have more equity. So this is important. When you hear foreclosures are up, the better question is not are we crashing? The better question is what's the full context? And so again, we're not in a crisis with the housing market. I I share, I as I said at the beginning, life happens, therefore real estate happens. There are ebb and flows to the market, there are adjustments to the market, and it's supply and demand. And so, as a as a homeowner, the takeaway is this don't wait until you're in crisis mode. People have challenges. People, again, life happens. If you're struggling with your financial situation, the taxes, the insurance, the debt, let's talk early. Talk to your lender, talk to a trusted advisor, the George Real Estate Group. We're here. There's it's confidential consultation. We can help under help you understand your options. You might be sitting on equity, and your equity could be a reset for you. It could be a start over. You don't have to give your home back. And the earlier you have that conversation, the more options you usually have. And then for buyers, don't assume a wave of foreclosures is about to flood the market and create these bark uh bargain basement pricing. And there may be more distressed proper the opportunities maybe coming up, but this is not the foreclosure years. This is not the same as the when the 2008 through 2012 market, this is not the same. And then for sellers, equity, this is the message. Equity is is powerful, but you still have to price it correctly. If you're in a neighborhood where there's you know seven or eight homes for sale and the neighborhood's only averaging one home a month selling, that particular neighborhood might be in a buyer's market compared to the entire county. But if that neighborhood's only selling one home a month, now there's some neighborhoods that maybe the neighborhood's selling two a month, but guess what? There's 30 for sale. That that is a reality in one of the neighborhoods here locally, but this is where you have to price it appropriately. Pricing still matters. And if you need to sell it and you want to be the one of the next homes picked to be sold, the price, and by the way, when you some people think that when I'm talking about you know pricing it right, it doesn't mean we're giving money away. It doesn't mean we're losing money, it doesn't mean you're gonna get top dollar for your home. But if you need to sell the right pricing strategy, it can help protect the equity and really move you forward before any pressure builds. And so again, when you see these headlines that say foreclosures are rising, don't ignore it, but don't panic either. You know, the real story is yes, some some homeowners in light, listen, we're not making light of the the economy or the financial challenges some of our homeowners are feeling and our neighbors are feeling. You know, the financial pressure can be real, but the in and yes, is the foreclosure activity up this year versus last year? Yes, but it's context. And if you're in a situation, maybe you you have more, maybe a restart, maybe you have equity, maybe you want to have a different foundation to restart. And this is different than the last housing crisis. We're not in a crisis. You know, equity changes the story. I I haven't seen the most recent numbers, but last time I looked at the average homeowner in America had$300,000 of equity. And so in real estate, context always matters. In fact, context matters everywhere. One of my college professors said context is king. So stay curious, ask questions, talk to an advisor, get get some context, get some clarity, get some information. We're just providing information. And so if you're thinking of buying, selling, or investing in real estate, give the George Real Estate group a call. Don't let national headlines make local decisions for you. Get the facts, understand your options, make your next move with clarity, not with fear. Uh, we're here every Thursday morning. We still have a little bit more time, but we're here every Thursday morning right after the 10 o'clock news. We're also here every Friday morning right at 8:45. The George Real Estate Group sponsors the Hometown Hero series, and that's so much fun. The amazing men and women we get to interview and introduce and share their story. Tomorrow morning, Preacher Clarence Blackwell. He's the pastor of Locust Grove Baptist Church, and Preacher Blackwell was nominated for this week's Hometown Hero by one of the parishioners who appreciates the fact that he still finds time not only to his uh working at the church, but minister to inmates in Henderson and Bunkham County Jails. And so we look forward to getting to know Pastor Clarence Blackwell tomorrow morning at 8 45. Be sure to tune in. We again we podcast the Hometown Hero series as well. We love having uh uh these conversations and shining a light on amazing people making a difference in the community from our uh teachers to our law enforcement to those that are volunteering and our are uh those in ministry. Again, all types of all types of different heroes serving this community. And so if you know somebody making a difference that you'd like to nominate, please reach out to WHKP and connect us. So this is the here's here's uh again, let's just have some we're just having a conversation here. And again, you're listening to the George Real Estate Group live radio broadcast here on WHKP, but this is uh there's a there's a book actually, um, that and maybe this is uh this is not meant to be uh this is meant to be encouraging and not heavy, but let's just have a real conversation. Bonnie Ware, she's actually uh an Australian, but she's an Australian palliative care worker, and she actually wrote this book called The Top Five Regrets of the Dying in after in caring for people. And here's the thing most people do not get to the end of their life and wish they'd made more money, bought a bigger house, posted more on social media, or won more arguments. When people are facing the end, the regrets are much more are usually more much simpler, and actually much deeper than that. The the regrets are they regret not being themselves, they regret working too much, they regret not saying what needs to be said, they regret letting friendships fade, they regret not letting themselves be happier. And this is powerful because these are not regrets we have to wait until the end to fix, and these are regrets that we can actually do something about today. And so the first one that they that she talks about is I wish I wish I had the courage to live a life true to myself, not the life others expected of me. And so this is where again the this is big, right? You who's whose life are you living? Whose expectations are you living up to? Maybe you have expectations of parents, expectations of culture, it's you know keeping up with the Joneses, expectations from a career path, expectations of what success is supposed to look like. And then at the end you realize you're living someone else's version of their life. And it doesn't mean we're not talking about being selfish. It talks about being this is means being honest, and it means asking, Am I living on purpose or am I living on autopilot? And and again, the difference between responsibility and resignation, responsibility says, I'm going to do what matters. You know, resignation says, I guess this is my life, just my life. And you know, and the here's the thing one of the great invitations of life is to wake up before we get to the end and ask, is this really the life I was meant to live? And so again, people here's this people are this is that we see this every day in life in real estate. People move, people move. Downsize. They start businesses, they change careers or change locations, and simply and they simplify their life because they finally admit the season is changing. You know, I I want my life to match what matters now. Another uh point she makes is I wish I had I wish I had not worked so hard, and this one can hit home, right? People, you know, people that are providers, entrepreneurs, salespeople, business owners, parents. You know, work is good. Ambition is is not bad. Ambition is good. Providing for your family is honorable. You know, the regret comes when work becomes the whole your whole identity. And so in the danger is not working hard, the danger is working so hard that you miss the very people you're working for. Let me say that again. The danger is working so hard that you miss the very people you're working for. And so the birthdays, the the graduations, and again, you you you prioritize what matters. And here's the thing if the cost of success is distancing you from the people you love, something's out of balance. And nobody at the end says, I wish I'd answered more emails at at dinner. I I people remember you remember the ball games, the the the conversations at home, the walks, the meals, the vacations, the regular Tuesday nights that it might have not seemed important, you know, at the time. Uh, and and so this is where you know what are you trading your life for? Is the trade still worth it? You know, are you building a life or or building a uh you know a resume? I one of my favorite quotes is by Robert Brault, B-R-A-U-L-T. And he said this enjoy the little things. For one day you may look back and realize they were the big things. And then another point, again, this is a great book, Bonnie Weir, Five Regrets of the Dying. She also said, I wish I had the courage to express my feelings. A lot of people don't express their emotions to maybe to keep the peace. And and sometimes that silence can create resentment, distance, and maybe some unfinished relationships. So, you know, some of the most important words in life are actually the simplest. You might need to tell somebody you love them, you might need to say you're sorry, you might need to say thank you, or or again, the these are these conversations of expressing you know your feelings. I mean, you you and I'm not again, this is not meant to be this is not meant to be dramatic, but you know, and and it's easy to avoid the hard conversations. Another great book, Fierce Conversations, Susan Scott, you know, people grow into the conversations you have around them, but a lot of people think peace means avoiding the hard conversation, but sometimes what we call peace is is some people you might be actually postponing the pain. And so, again, who do you need to reach out to? If someone comes to your mind, who do you need to call? This is not uh this is not some speech or dramatic moment, just it might just need to be an honest conversation. And so and then another one, I wish I'd stayed in touch with my friends. You know, friendships is one of those things we assume will always be there, but it it has to be intentional, intended to. You know, it's a garden. If you don't water it, it's not like it dies overnight, but it can slowly dry up. And so maybe today's the day you send that text, make the phone call, invite someone to lunch, not because you need anything, but just because life is short, friendship's truly one of the treasures we often undervalue. And then finally, uh one of her final points is I wish I'd let myself be happier. You know some people postpone happiness for so long that postponing it becomes the habit. They're waiting for permission to enjoy their lives. And the permission never comes unless they give themselves the the permission. So these, you know, cho I believe happiness is a choice, right? And part of it is again, don't get stuck in old habits, fears, you know, realizing you can choose, I do believe you can choose joy. Sometimes happiness is not about getting a different life, it's about giving yourself permission to enjoy the life you already have. And so this is this book. Again, the the gift of hearing the regrets of the dying is so that we don't have to wait until the end to learn from them. We can make the call, take the trip, you know, forgive the persons. You can start your dream, maybe say the thing you need to say, and choose a life that feels true before life doesn't give you the chance to do that. So no one, you know, here's the thing. No the goal is not to live perfectly. None of us will, right? You know, the goal is to be aware, to be awake, and and again, love those that are you're with. Uh, you know, it's it's have the the intentionality of life, and again, the friendships that you have, the creating the life that you want. You know, don't wait to uh don't postpone happiness until someday. Again, you we get to decide. And it doesn't mean I'm not life is not easy. I'm not minimizing life is challenging. And we get to decide what things mean. We get to decide how we respond to things. We can't respond, we can't decide, we can't decide and risk uh help how other people respond. We get to decide how we respond. So there's some just some thoughts. Again, sometimes I I love to have these conversations about life. I mean, real estate is truly about life and the transitions of life and um you know creating the life you want. It could be your personal home, it could be investment property, it could be real estate, it could be your uh land, it could be family land. Again, we it is truly a privilege to help our clients navigate through the different seasons of life. It could be uh new investors starting out, building their portfolio, it could be a new family buying their first home, it could be the uh grandparents downsizing, uh, you know, moving into the the one-level, you know, aging in place, you know, right sizing. Again, all the different scenarios. And so at the George Real Estate Group, it's a privilege and honor to help our clients navigate through life. We love it. We so we really enjoy our clients, uh, and it's a privilege and honor to serve our community through real estate. You can call the George Real Estate Group a call uh give us a call directly at 828-393-0134-828-3930134. You can find us online at realestatebygreg.com. Uh we you can follow us on social media, Facebook and Instagram. We podcast all of our radio shows. If you didn't get to hear the whole thing, we'll have this up here shortly. But give us a call. And again, tune in tomorrow morning, 8 45. The George Real Estate Group Hometown Hero Series. We're here every Thursday morning right after the 10 o'clock hour. Hope you have a great day, great rest of your week, and we'll see you tomorrow morning.

SPEAKER_00 29:08

Thank you for listening to the George Real Estate Group Podcast. Tune in next time for more industry news, updates, and real estate tips. You can reach Greg, the George Real Estate Group, at 828-393-0134 or at realestatebygreg.com.

SPEAKER_01 29:28

Maybe the house feels a little too big these days. The stairs a little steeper. The pace of life a little too fast. But what if your next move wasn't about letting go? It was about making space for peace, for freedom, for what matters most. At the George Real Estate Group, we understand that real estate isn't just about the house. It's about transitions, timing, and trust. We've helped thousands of families in Western North Carolina make smart, thoughtful moves. Closer to nature, closer to family, closer to home. So when you're ready to write size, simplify, or start fresh, we'll be here. The George Real Estate Group. Trusted, proven. Call us today, 828-393-0134. Find us online at realestatebygreg.com because your next chapter deserves to feel just right.