When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing
Foreclosures Continue To Decline
Dated: March 24 2017
Jeremy Kraus, Realtor
Forever Florida Real Estate
The Foreclosure Crisis: 10 Years Later
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.
As the economy continues to improve, and employment numbers increase, the number of completed foreclosures should continue to decrease.
Source: Keepingcurrentmatters.com. March 23, 2017.
Growing up in the midwest, Jeremy began his love for architecture and real estate property after spending his childhood admiring the historic neighborhoods of Iowa City, Iowa. That initial admiration ....
Latest Blog Posts
Real Estate Is Americans’ Preferred Long-Term Investment From Florida Realtors When asked about the best investment for 10-plus years, 31% picked real estate
Looking for a good deal on a Pinellas Property? Use that text code above, for a complete current list of Fixers.;