If you’ve been seeing headlines saying “foreclosures are rising” lately, you’re probably not alone in wondering:
Is another 2008-style crash coming?
It’s a fair question. A lot of homeowners across Conejo Valley — from Thousand Oaks and Westlake Village to Agoura Hills and Newbury Park — still remember what the last housing crash looked and felt like.
But today’s market is very different from what happened back then.
And while national foreclosure filings have increased slightly, the data shows we are nowhere near crash-level territory.
Here’s what homeowners need to know.
Foreclosures Are Increasing — But They’re Still Historically Low
According to national data from ATTOM, foreclosure filings are up 26% year-over-year and have now risen for five straight quarters.
That sounds dramatic in a headline. But context matters.
What we’re actually seeing is the housing market continuing to normalize after the unusually low foreclosure activity during the pandemic years.
During 2020 and 2021, foreclosure moratoriums and government relief programs temporarily paused many filings nationwide. Those years were never considered “normal” market conditions.
When you compare today’s numbers to pre-pandemic years like 2017, 2018, and 2019, foreclosure activity is still lower overall.
And compared to the levels seen during the 2008 housing crash? It’s not even close.
The graph below puts that into perspective:
Foreclosure Activity Remains Well Below Crash Levels
Even with the recent increase, foreclosure filings today remain dramatically below the levels seen during the housing collapse more than a decade ago.
For homeowners in Conejo Valley communities like Westlake Village, Thousand Oaks, Agoura Hills, Oak Park, and Newbury Park, that distinction matters because today’s market fundamentals are completely different.
Back in 2008, many homeowners owed more than their homes were worth. Selling often wasn’t an option.
Today, most homeowners are sitting on substantial equity.
Equity Is One of the Biggest Reasons This Isn’t 2008
According to Cotality, the average homeowner currently has roughly $295,000 in home equity.
That changes everything.
Instead of being trapped in a home with negative equity like many owners were during the last crash, today’s homeowners often have options if financial hardship happens.
In many cases, homeowners can:
Sell before foreclosure progresses
Pay off debt
Protect their credit
Walk away with equity remaining
That’s a major reason why foreclosure filings today do not automatically translate into completed foreclosures.
The graph below helps explain that difference.
Not Every Foreclosure Filing Ends in Foreclosure
Here’s how the national foreclosure data from ATTOM breaks down:
The yellow line tracks all foreclosure filings
The orange line tracks foreclosure starts
The red line tracks completed foreclosures
What stands out most is how much lower completed foreclosures remain compared to overall filings.
That gap tells the real story.
A large number of homeowners who enter the foreclosure process are still able to resolve the situation before losing their home — whether through repayment plans, loan modifications, forbearance options, or selling their property before foreclosure is finalized.
And in higher-value markets like Conejo Valley real estate, strong homeowner equity continues to play a major role in preventing distressed sales from escalating.
What Homeowners in Conejo Valley Should Know Right Now
If you’re a homeowner in Thousand Oaks, Westlake Village, Agoura Hills, Newbury Park, or surrounding Conejo Valley communities and you’re feeling pressure financially, it’s important to know that falling behind on payments does not automatically mean foreclosure is inevitable.
Most lenders would rather work with homeowners than go through the foreclosure process.
Depending on the situation, there may be options available, including:
Temporary forbearance
Loan modifications
Repayment plans
Selling before foreclosure progresses
The earlier you address the situation, the more flexibility and solutions are typically available.
And if selling your home becomes part of the conversation, having a clear understanding of your home value and equity position is critical in today’s market.
The Bottom Line
Yes, foreclosure filings are rising nationally. But the headlines often leave out the most important part: foreclosure activity still remains well below historic crash levels.
And thanks to the strong equity most homeowners have built over the past several years, today’s housing market looks very different from 2008.
If you have questions about the Conejo Valley housing market, your home’s value, or what options might make sense for your situation, the team at Lydia Gable Realty Group is here to help homeowners across Westlake Village, Thousand Oaks, Agoura Hills, Newbury Park, Oak Park, and surrounding communities navigate today’s market with clarity and strategy.
