Foreclosure rates in San Jose show no resemblance to the crisis of 2008, despite the economic challenges caused by the pandemic. Although there are similarities in the economic downturns, there are several key differences that have prevented a repeat of the foreclosure crisis.

In 2008, the subprime mortgage crisis, along with a decline in home values, led to a surge in foreclosures across the nation, including in San Jose. However, today's foreclosure numbers in San Jose do not reflect the same trend.

One significant factor is the stricter lending standards put in place after the 2008 crisis. These tighter regulations ensure that buyers have the financial capability to repay their mortgages, which reduces the risk of foreclosure. Furthermore, the current homeowners in San Jose have more equity in their homes than they did in 2008, making them less likely to default on their loans.

Another difference is the current state of the housing market. While the pandemic has caused economic uncertainty, it has also created a high demand for housing. This demand has led to a limited supply of homes, which has driven up prices and, in turn, increased the equity of homeowners.

Additionally, government interventions, such as the CARES Act and the moratoriums on foreclosures, have provided financial assistance and protection to homeowners during the pandemic. This support has prevented many homeowners from falling behind on their mortgage payments and facing foreclosure.

Overall, San Jose's current foreclosure rates are not similar to the crisis of 2008. Stricter lending standards, the current state of the housing market, and government interventions have all contributed to the low foreclosure rates in San Jose.