As we find ourselves getting back to 2005 levels within the next year or so, we cannot forget what caused the 2010 spike.
In 2010, 7.7 million families lost their homes to foreclosure, 1.2 million homes finalizing foreclosure throughout this crisis.
Dr. Frank Nothaft, Chief Economist for CoreLogic, says this:
“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.”
With the consumer confidence and jobs going up, the foreclosure rate will continue to come down.