The Foreclosure Crisis: 10 Years Later

    The Foreclosure Crisis: 10 Years Later   Thursday March 23rd, 2017  Distressed Properties, For Buyers, For Sellers, Foreclosures, Housing Market Updates 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 | Simplifying The Market  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.

    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 | Simplifying The Market

    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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    Jordan Forney

    Jordan is a recent graduate of Lenoir-Rhyne University where he received his BA in Multimedia Communications while also playing football all four years that he was enrolled. Jordan has experience in writing and photography from his time working for the school newspaper, Lenoir-Rhyne News (LRN). He also has marketing experience with WLRZ 99.3 where Jordan produced and aired PSAs and was in charge of marketing with the social media accounts. He was a part of the marketing team for the Lenoir Oiler's baseball team as well where he had a lot of the same responsibilities. Now Jordan works at Rinehart Realty where he is increasing his experience by posting blogs, maintaining social media accounts, and working directly under the Director of Marketing.

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