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A Look Back at the 2011 Foreclosure Crisis

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With the economy going in what seems like a hurricane of bad luck, the real estate market has suffered greatly. Foreclosure property after foreclosure, many people losing their homes are unable to pay for their mortgages due to lack of employment. In the early part of 2011, the real estate market looked – event investment property – very bleak without much hope. 2010 ended badly with foreclosures being high throughout the nation. Many people simply could not make their payments, and with hardly any new job creations the 2011 outlook was not good.

Thankfully by the end of 2011 foreclosures did not end on such a low note. The foreclosure rate across the United States dropped to 34 percent. This is at a better number than it has been especially when the economic crisis first happened. With lenders starting to realize that people need help and with more jobs opening up across the nation, foreclosure rates will hopefully continue to decrease.

Another hopeful sign is that many metropolitan areas are also showing a decrease in their individual foreclosure rates. This shows that many areas are starting to recover. Of course, no one knows how long this might take, but I’ll guess 3-5 years. We shall see…

To read more on the current report on foreclosures and to see reports on metro areas across the nation, click here. It’s definitely a must-read!

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