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The Foreclosure Crisis: 10 Years Later

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The Foreclosure Crisis: 10 Years Later | Keeping Current Matters

CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.

With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis.

Dr. Frank Nothaft, Chief Economist for CoreLogic, had this to say,

“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010. As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership.”

Since the peak, foreclosures have been steadily on the decline by nearly 100,000 per year all the way through the end of 2016, as seen in the chart below.

The Foreclosure Crisis: 10 Years Later | Keeping Current Matters

If this trend continues, the country will be back to 2005 levels by the end of 2017.

Bottom Line

As the economy continues to improve, and employment numbers increase, the number of completed foreclosures should continue to decrease.


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One Response to “The Foreclosure Crisis: 10 Years Later”

  1. Troy Erickson March 23, 2017 at 8:46 pm # Reply

    The number of foreclosures reached their peak in 2010 after the housing bubble burst. Since 2010, foreclosures have decreased by about 100k each year. They are now just about where they were back in 2006, but I would anticipate that number to continue to drop.

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