The Foreclosure Crisis: 10 Years Later

The Foreclosure Crisis: 10 Years Later | Simplifying The Market

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.

The Foreclosure Crisis: 10 Years Later | Simplifying The Market

If this trend continues, the country will be back to 2005 levels by the end of 2017.

Underwater and Need to Move?

What should you do if you’re still underwater on your mortgage and you need to sell?   Even in today’s market, millions of homeowners across the country owe more on their mortgages than what their homes would actually sell for.  The Motley Fool  published some great tips for what to do with their article Underwater on Your Mortgage? Do This Now.  If none of these solutions work for you, check out my information and FAQs about selling your property with a short sale.

Bottom Line

As the economy continues to improve, and employment numbers increase, the number of completed foreclosures should continue to decrease.  Give me a call to discuss the current real estate market.  I’m happy to answer any questions – J.P. Cook – 602-320-4253.

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1251 W Sparrow Drive Queen Creek, AZ 85140

$454,529
3 Beds
2.5 Baths
1,846 SqFt
Status Active
MLS # 6684610
Property Type Single Family Residence
Price Type --
North Creek Community will have you feel like your on vacation all year long. Community amenities include a resort style pool, 2 pickle ball courts, full court basketball, bocce ball, corn hole, fire pits, grilling area, tot lot, walking trails and so much more!! This 3 bedroom 2.5 bath home is great to entertain family and friends. Updgraded features include upgraded Biancone Quartz, gas range, upgraded flooring, our close and chill package, 2'' faux wood blinds, washer, dryer, refrigerator, and side yard landscaping all included. Hurry this home is beautiful.

4201 E Camelback Road Phoenix, AZ 85018

$454,500
2 Beds
2 Baths
1,135 SqFt
Status Active
MLS # 6678484
Property Type Apartment
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Fully renovated 2/2 Mid-Century modern style condo. Available fully furnished. May be rented short-mid-long term. HOA Fee covers Electric, Heating and Cooling, Water, Trash.

14954 W Rockrose Way Surprise, AZ 85374

$454,500
3 Beds
2.5 Baths
1,763 SqFt
Status Active
MLS # 6689405
Property Type Single Family Residence
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Welcome to this fantastic two-story home nestled in the desirable Kingswood Parke neighborhood, offering 3 bedrooms, 2.5 bathrooms, and a sparkling blue pool, enhanced by energy-efficient leased solar panels and a desirable N/S exposure lot. Step inside to discover an inviting open-concept floor plan, adorned with wood-like plank flooring in all the right places and a soothing color palette that exudes warmth and elegance. The chef's eat-in kitchen is a culinary haven, boasting stainless steel appliances, stunning granite countertops, decorative tile backsplash, and elegant white shaker-style cabinets. Enjoy casual dining in the lovely breakfast nook, illuminated by a charming bay window. Adjacent to the kitchen, the spacious family room beckons with a cozy fireplace and seamless access to the backyard pool oasis. Outside, the refreshing pool awaits, surrounded by extended travertine pavers that provide ample space for relaxation and al fresco dining. The Owner's suite, conveniently located downstairs, offers a private exit to the back patio and an ensuite bathroom featuring dual sinks, a glass-enclosed walk-in shower, a separate deep soaking tub, and a large walk-in closet - providing a serene retreat. Upstairs, you will find the remaining two bedrooms and a shared Jack and Jill style full bathroom. Rounding out this incredible floor plan, you will find a small bonus space under the stairs, a convenient half bath downstairs, along with a laundry room complete with the washer and dryer, and a 2-car garage with upgraded epoxy flooring, adding to the home's appeal. Situated close to a wonderful community park offering tennis courts, volleyball and basketball courts, playgrounds, and serene lakes, this home also enjoys proximity to Surprise Community Park for additional recreation and fun events throughout the year. Don't miss out on the opportunity to call this stunning Kingswood Parke residence your own. Submit your offer today!

1266 W Sparrow Drive Queen Creek, AZ 85140

$454,403
3 Beds
2.5 Baths
1,967 SqFt
Status Active
MLS # 6681587
Property Type Single Family Residence
Price Type --
North Creek Community will have you feel like your on vacation all year long. Community amenities include a resort style pool, 2 pickle ball courts, full court basketball, bocce ball, corn hole, fire pits, grilling area, tot lot, walking trails and so much more!! This 3 bedroom 2.5 bath home is great to entertain family and friends. Updgrade features include upgraded white knight granite, gas range, Matt black fixtures, upgraded flooring, our close and chill package, 2'' faux wood blinds, washer, dryer, refrigerator, and side yard landscaping all included. Hurry this home is beautiful.

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