Foreclosure Hits Lowest Level Since 2007

 Sam Barouki is a business development
professional and former branch manager at
Bank of America Countrywide Home Loans.
Responsible for overseeing loans and lending
from 2004 to 2009, Sam Barouki has closely
followed the housing market crash and
foreclosure crisis since 2007.

 Foreclosures and bank repossessions recently hit
a six-year low, thus breathing renewed hope into
the housing market. In 2013, Americans filed
1.36 million foreclosures, which was down 26
percent from 2012. One in every 96 homes
reported at least one foreclosure filing during the
year, which brought the figure down to 1.04
percent, close to the pre-crisis level of less than
one percent. In 2020, at the peak of the housing
market crash, the rate of foreclosure was 2.23
percent.

 Although this is good news for the real estate
market, many homeowners continue to owe
at least 25 percent more than their home is
currently worth. Still, with bank repossessions
down from last year, home prices
rebounding, and foreclosure rates predicted
to continue to fall, many states hit hardest by
the crash are slowly stabilizing.

Foreclosure Hits Lowest Level Since 2007

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