The economic news reports over the past several years have been filled with stories about the foreclosure crisis that has been plaguing the nation.
One foreclosure alone can be considered serious when it’s your home that is being pulled out from under you, but when the country as a whole is facing a financial situation of this magnitude, it’s a whole different matter.
So how large and widespread is the current crisis in terms of numbers?
The number of homes receiving a foreclosing filing in the U.S. has increased by about 20 percent in 2011. A record number of properties – around 2.87 million – received notices of default, auction, or repossession in 2010, which is a two percent gain from the previous year. In total, more than 3 million homes have fallen to foreclosure proceedings since the housing boom ended in 2006, and forecasters predict that that number could increase to around 6 million by 2013.
This prediction is based on figures which indicate that there are currently 5 million loans that are seriously delinquent but have not yet reached the foreclosure stage. To put that into perspective, in 2008, it was estimated that around two percent of properties sold in the U.S. were foreclosures. By 2011, second quarter figures on home sales in some stage of foreclosure or sold by the bank had jumped to 31 percent according to statistics released by RealtyTraclate in the year.To conntinue reading this article click Foreclosures – How Big is the Crisis?
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