Homeward Bound III would impossible to make nowadays
The pets are long dead (even in the movie's own universe) and there would be no point to making it about a new family and their pets. Home Alone 3 tried that and people didn't like it. If HB3 had been made, it should've been made around 1999 or 2000. I have no what the plot would've been. It probably wouldn't have the same family as the other two. Hell, they couldn't even bring back the Newtons for Beethoven's 3rd and that was made 7 years after the 2nd one. Assuming this was released direct to video in 1999, everyone would've probably been recasted, except for Ralph Waite. I'm guessing they would've rehashed the plot to the first one, except they get lost in another country like Australia. It's probably for the best they stopped after the second one. Also, we didn't need another milked franchise like Beethoven or Air Bud. It probably would've gotten worse by HB5 where the animals would've probably moved their damn mouths and the humans would then somehow understand them.
If anything, a Free Willy 5 is way more likely than Homeward Bound III and the 4th one wasn't even that well recieved. Even the OG fans disliked it. Beethoven was also milked to death. The most recent one was Treasure Tail and that was back in 2014 and the stupid Air Bud franchise is still going, but under the name "Buddies". So we dodged a bullet by not having Homeward Bound become yet another stupid talking animal cashgrab franchise.