A good indicator on that I found by reading an article is the "housing-debt-to-disposable-income ratio."

"It represents an after-payroll-tax cashflow from all income sources, not just wages: Household income from after-tax wages, plus income from interest, dividends, rentals, farm income, small business income, transfer payments from the government, etc...

Year-over-year: Housing debt +3.1%, disposable income +5.1%."

Source:

https://wolfstreet.com/2025/02/15/here-come-the-helocs-mortgages-housing-debt-to-income-ratio-serious-delinquencies-foreclosures-in-q4-2024/

The reason I see for less issues with mortgages defaults is that due nominal inflation and 2008, people are avoiding (or more careful) to buy estate, even though their real wage increased during that time...