CoreLogic recently released a report in which they examined the years leading up to the residential foreclosure crisis in the United States all the way through to the present day. At the peak of the crisis in 2010, we saw nearly 1.2 million homes foreclosed, and over 7.7 million families lost their homes throughout the entire foreclosure crisis. According to the chief economist of CoreLogic, Dr. Frank Nothhaft, "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." As the economy continues to improve, so does the Greenwood Real Estate Market because increasing employment numbers means there is a greater ability of home buyers to purchase their dream home.
Since the peak of the crisis, foreclosures have been steadily declining by almost 100,000 per year as seen in the chart below.
By the end of this year, the country will be back to 2005 levels if this trend continues. As the economy continues to improve, and employment numbers increase, the number of completed foreclosures can be expected to decrease. Now that the foreclosure crisis is behind us, it is a great time to make your dreams of owning your dream home in Greenwood a reality. Meet with a real estate professional to discuss your next steps. Contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com.
