After the housing crisis, foreclosures across the country skyrocketed, eventually hitting a peak of nearly 4%. But as the housing market has slowly recovered, foreclosures have dropped dramatically, and as of April 2018, they’ve finally dropped to rates seen before the crisis.
According to CoreLogic’s most recent data, foreclosure rates are dropping across the board. While foreclosure rates are significantly lower in non-judicial states (0.3%) than judicial states (judicial states, which are states that require lenders to follow a judicial procedure during foreclosures, are at 0.9%), the national foreclosure rate in April 2018 was just 0.6%, officially putting foreclosures in the United States at pre-crisis levels.
The fact that foreclosures have officially dipped to pre-crisis levels is just another marker that the housing market in the US has officially recovered. So if you’ve been thinking about getting involved in real estate and purchasing a home, now would be a great time.