10-year foreclosure crisis recap

Arizona had 7th highest peak foreclosure rate

By Jann Swanson | Mortgage News Daily

As anniversaries go, it’s not much of one to celebrate, but this year the foreclosure crisis marks its tenth year. Since Mid-2007, more than 7.8 million homes have been foreclosed according to a new retrospective, published by CoreLogic, on the ten-year rise and fall of the cycle. The company’s report, United States Residential Foreclosure Crisis: 10 Years Later, comes at a time when the incidence of foreclosure is finally nearing what is considered a normal level.

The report looks at foreclosures beginning with what it calls the relatively healthy years of the early 2000s through the peak of the crisis to the present time, with an estimated 22,000 homes lost to foreclosure each month. Many economists mark the beginning of the crisis with the collapse of two Bear Stearns subprime mortgage funds in June 2007. Those funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages. The bankruptcy of investment bank Lehman Brothers in September of the following year deepened the crisis.

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