Tag Archives: Foreclosure

The Foreclosure Crisis: 10 Years Later

The Foreclosure Crisis: 10 Years Later | MyKCM

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 | MyKCM

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

Bottom Line

As the economy continues to improve, and employment numbers increase, the number of completed foreclosures should continue to decrease.

$5000 More to Help You Move: Distressed California Homeowners May Qualify for California’s Keep Your Home California Transition Assistance Program (TAP)

Elk Grove Short Sales, Sacramento Short Sales
Elk Grove Short Sales, Sacramento Short Sales
If you are financially distressed in the state of California and can no longer afford your home and are pursuing a short sale or a deed in lieu of foreclosure, you may be eligible for financial help with your relocation to alternative housing.   The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.

The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes.  You must:

• Apply for the funds through www.KeepYourHomeCalifornia.com or (if you are a Bank of America Customer) by calling 1.888.954.5337.

• Maintain your property until your house is sold or returned to the lender via a negotiated deed in lieu of foreclosure.

For qualified homeowners, these state funds may be used in addition to any other transition assistance that you may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.

To learn more about the Transition Assistance Program’s guidelines, and how you may qualify, please visit the website at http://keepyourhomecalifornia.org. Or call 1.888.954.5337 if you are a Bank of America customer.