It’s spring… 10 years after the foreclosure crisis

AdobeStock_84203053

CoreLogic just released a report looking back on the national foreclosure crisis… United States Residential Foreclosure Crisis: 10 Years Later.

That crisis is still affecting both buyers and sellers today, who are much more informed and cautious. It peaked in 2010, and over 7.7 million families lost their homes throughout the period between 2008 and 2012… no wonder buyers are more cautious!!

One of the key factors brought up by CoreLogic's chief economist is the connection between jobs and homeownership. At the peak of the crisis, the national unemployment rate was 7%. In February 2017 the nationally adjusted unemployment rate was 4.7%… with an even lower rate of 4.0% in Minnesota. A healthy economy is driven by jobs… which usually drives consumer confidence that leads to homeownership.

Foreclosures have been dropping steadily since their peak in 2010. CoreLogic's report suggests the country will be back to 2005 levels by the end of 2017.

In Minnesota, February foreclosed sales only accounted for 7.5% of total sales… a good sign for traditional sellers and a healthy real estate market… and a frustration for those in the renovation business who no longer have a big supply of foreclosure properties to renovate.

Sharlene Hensrud, RE/MAX Results - Minneapolis-St. Paul Realtor

HomesMSP Team - SharleneJohnAngela Minneapolis-St. Paul Relocation

RELATED POSTS

 

Written By

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

Related Posts

How to buy when you need the proceeds from selling your current home to buy your next home

đź–¨ Print Article It used to be fairly common to buy a home contingent upon the sale of your current home, but with such a shortage of homes for sale...

Product review: TopTes PT205 Gas Leak Detector

đź–¨ Print Article Many home inspectors like to carry gas leak detectors in their tool bags. We call ’em gas sniffers. We don’t use these devices during every inspection, but...

Subscribe to Our Newsletter for Market Updates & Mid-Century Modern Listings

Our weekly HomesMSP Update includes current local market information and a curated list of mid-century modern properties for sale, plus posts from an inspector, a lender, a stager, info about neighborhoods, life in the Twin Cities… even recipes!

Hidden

Blog Categories

Archives

Sharon and John Hensrud

About Us

The HomesMSP Team is committed to meeting you where you are and listening… really listening to understand you so we can use our extensive knowledge of the market and local neighborhoods to give you personalized service.