Foreclosures Decline

10 Years After the Foreclosure Crisis

CoreLogic’s report, United States Residential Foreclosure Crisis: 10 Years Later examines the years leading up to the foreclosure crisis to present day.

2010 is the year foreclosures peaked, with nearly 1.2 million homes foreclosed.  More than 7.7 million families lost their homes throughout the entire foreclosure crisis.

Dr. Frank Nothaft, Chief Economist for CoreLogic, said,

“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 2010, foreclosures have declined by almost 100,000/year through the end of 2016:

Foreclosures-declineIf this trend continues, the country will be back to 2005 foreclosure levels by the end of 2017.

Real Estate Bottom Line

If you’ve experienced a foreclosure, let’s discuss your situation to determine if you may be in a position to buy a home again.

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