March 17, 2017
The Great Recession officially began 10 years ago, though between the severity of the downturn, and the sluggish recovery, it seems longer. On the housing side, by the middle of 2010, foreclosures reached their peak at 1.18 billion, according to data from CoreLogic. In its report, “United States Residential Foreclosure Crisis: Ten Years Later,” CoreLogic shows that, in 2016, foreclosures stood at 385,748, far less than the 592,622 that led the recession in 2007.
Even better, is that serious delinquencies fell to 1 million mortgages in 2016, from its peak of 3.7 million in January 2010. CoreLogic points out that early stage delinquencies could be a sign of future loan performance. The decline in this metric is pretty good news for the housing market. The report goes even further, breaking data down by state.