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Economy
See other Economy Articles

Title: How Many Americans Have Gone Through Foreclosure?
Source: [None]
URL Source: https://finance.yahoo.com/news/many ... one-foreclosure-110000606.html
Published: Jun 1, 2016
Author: Brooke Niemeyer
Post Date: 2016-06-01 08:42:28 by Justified
Keywords: None
Views: 512
Comments: 5

During the Great Recession, many Americans lost their homes due to foreclosure. In fact, according to real estate data company RealtyTrac, there were 6,324,545 completed foreclosures from January 2006 to April 2016.

"It is a big number," Daren Blomquist, Senior Vice President of RealtyTrac said in an email. "Normal would be around 250,000 bank repossessions per year. These last 10 years represented the biggest loss of home ownership and shifting of real estate wealth since the Great Depression."

The Current Status of the Housing Market

The market has improved, but that doesn't make it immune to foreclosures. (You can see the 10 states with the biggest foreclosure problems here.)

"The foreclosure crisis is largely behind us, although still certainly lingering in certain pockets," Blomquist said. "Unfortunately, we are already seeing signs of another housing bubble in certain markets, so people should continue to be cautiously optimistic when it comes to the housing market."

But Blomquist says people who can truly afford to buy a home may still benefit from it.

"Homeownership done responsibly is still one of the best ways to build wealth," Blomquist said.

What a Foreclosure Can Mean for You

"Foreclosure will obviously create a crater in a credit report for some time," Troy Doucet, attorney with Doucet & Associates in Columbus, Ohio, said in an email. "However, foreclosure is not the end of the world. Those with foreclosure in their credit past will find their credit scores slowly improve as time passes. After a few years, they may even be able to buy another house."

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#1. To: All (#0)

That 6million figure sure seem light to me.

From being around the banking business for the last 20 years the number should have been more than double to around 20%. IMHO

Maybe they are cooking the books again or just never stopped?

Justified  posted on  2016-06-01   8:55:05 ET  Reply   Trace   Private Reply  


#2. To: Justified (#1)

Short sales probably weren't included.

Roscoe  posted on  2016-06-01   9:09:10 ET  Reply   Trace   Private Reply  


#3. To: Roscoe (#2)

That could be but over a 10 year period there would be at least twice the numbers of actual foreclosures. I was seeing 2 on almost every block in just a few years. I still think government is in the business of protecting itself from reality hence the wrath of citizens for their bad policies.

I have been on streets where there could have been 4 or 5 foreclosures withing the same block.

Justified  posted on  2016-06-01   9:28:23 ET  Reply   Trace   Private Reply  


#4. To: Justified (#1)

From being around the banking business for the last 20 years the number should have been more than double to around 20%. IMHO

Maybe they are cooking the books again or just never stopped?

While not in the banking business I do drive around Maine and New Mexico quite a bit, the numbers of white pieces of paper on front doors was absolutely alarming starting in November of 2006.

The womb, the most dangerous place on earth.

BobCeleste  posted on  2016-06-01   10:46:14 ET  Reply   Trace   Private Reply  


#5. To: Justified (#0) (Edited)

House ownership is a scam and millions of people have been played for the sucker.

It is neither a safe haven for your retirement years or an investment. It is a false hope for a stable future that can never be. A home fully owned, still will cost $200 a month in property taxes, which is nearly double the amount of the original monthly payment which included taxes and insurance.

Even if purchased at $17,000, the 1965 home that sells for $200,000 is a loser. It used to be a less expensive way to have a house. The tax deduction for paying on the mortgage helps, but inevitably has led to the idea that debt is a good thing. This has led to a national debt of $19 Trillion, to possibly twenty times that amount.

jeremiad  posted on  2016-06-01   14:18:20 ET  Reply   Trace   Private Reply  


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