A decade later, CoreLogic looks back at the foreclosure crisis

by Anna Sobrevinas16 Mar 2017
The number of residential foreclosures is starting to normalize after it peaked in 2010 throughout the country, according to CoreLogic’s 10-year report on the residential foreclosure crisis.

CoreLogic monitored the crisis for a decade, noting that the crisis began in some parts of the country in 2007 and hit the highest watermark with 120,000 completed foreclosures in September 2010 alone.

Two incidents, according to many economists, led to the crisis – the fall of two Bear Stearns subprime funds in June 2007 and the bankruptcy of the Lehman Brothers in September 2008.

Approximately 7.8 million foreclosures have been completed in the country since 2007; there were a million in 2009, in the crisis peaked in 2010 with nearly 1.2 million foreclosures.

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

Foreclosure rates started to normalize after 2010, with a steady decline of 100,000 per year through 2016. The end of 2016 recorded 336,000 (0.9% of all homes with a mortgage) foreclosures compared with 2010, when 3.3% of all mortgaged homes fell into foreclosure.

Florida had the highest percent of mortgages in the foreclosure inventory with 12.5% in June 2011.


Related stories:
Mortgage delinquency rises in last three months of 2016 – survey
Completed foreclosures fell in 2016
 

COMMENTS

  • by usedkarguy | 3/21/2017 11:31:05 AM

    CoreLogic: they're the guys that make sure your property taxes are paid before you get a chance to so the foreclosing lender can create "a colorable claim to title". I am missing the stats wherein 75% of the foreclosures were completed with forged, fraudulent documents consisting of "copies of copies" of notes wherein collateral files no longer exist. How about all those Washington Mutual foreclosures by Chase wherein the FDIC sold Chase the deposit accounts and liabilities but received NO ASSETS RELATED TO WA-MU MORTGAGE NOTES OR MORTGAGES. And then there's the continuing forgery and fraud on the courts consisting of rubber-stamp endorsements, in the middle of a blank page, attached to a NOTE as and "endorsement". How about all the multiple placement of the same mortgage to multiple MBS securities. The crimes committed in the past related to "robo-signing" (aka forgery and fraud on the court), transmission of copies of forged notes bearing forged endorsements (aka wire fraud and racketeering) and the foreclosure-mill law firms that prosecute these case on behalf of the National Banks under false pretenses is SANCTIONED, UPHELD, AND ENCOURAGED by your government, including the Treasury, Judiciary and the Justice Department. All of these agencies are complicit in maintaining the RUSE that your "alleged" default on your mortgage payment causes a "loss" to party seeking to foreclose. There is no loss, the money was long since paid back via TARP, theft of investor funds, and the bankrupting of the former "blue-chip" monoline insurers.
    Yes, my friends, you've been robbed; and your government stood by the criminal banking enterprises, encouraged their monetization of the land under your feet, and then watched and encouraged the theft of people's homes across the nation. Timmy Geithner coined the phrase "foaming the runways for the banks" when the foreclosure machine fired up. All along these white-shoed p*****s aided and abetted the criminal banks (foreign and domestic) in this massive fraud. The Securities and Exchange Commission did nothing, and ,most of the states who recieved "49-State AG Settlement" money did nothing but pay themselves and left the homeowners to rot.
    The few foreclosure defense attorneys who have gone above and beyond to protect homeowners from fraudulent foreclosures are admonished and persecuted by the lawyer boards and other attorneys who have decided that citizens should have no rights to their homesteads, regardless of the amount of fraud used to sell the mortgage or obtain foreclosure.
    It's a very sad time in the history of this country. Only you, one being foreclosed upon, can make a difference.
    Fight your foreclosure.

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