CoreLogic Releases Foreclosure Crisis Decade In Review

Posted by Patrick Barnard on March 15, 2017 No Comments
Categories : Mortgage Servicing

As of the end of 2016, the national foreclosure inventory, which reflects all homes in some stage of the foreclosure process, included approximately 336,000 properties – or 0.9% of all homes with a mortgage – compared with 1.4 million homes, or 3.3%, at the peak of the residential foreclosure crisis in September 2010, according to CoreLogic’s recently released U.S. Residential Foreclosure Crisis Decade In Review.

The 10-year retrospect shows how much the U.S. has healed from the residential foreclosure crisis. Basically, it shows that monthly foreclosure levels are now around where they were in the pre-crisis years – with about 22,000 completed foreclosures per month.

“The foreclosure crisis began in some parts of the country as early as 2007 and later peaked nationwide in September 2010, with approximately 120,000 completed foreclosures occurring during that single month,” the report states. “Since the beginning of 2007, there have been approximately 7.8 million completed foreclosures nationally. Beginning in the second quarter of 2004, when homeownership rates peaked, there have been approximately 8.6 million homes lost to foreclosure.”

“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010,” says Frank Nothaft, chief economist for CoreLogic, in a release. “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.”

As of the end of 2016, about 1 million mortgages, or 2.6% of all homes with a mortgage, were in serious delinquency (90 days or more past due) compared with the serious delinquency peak of 3.7 million mortgages, or 8.6%, in January 2010.

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