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.

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.