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Foreclosure rate U.S. 2005-2018
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Foreclosure rate U.S. 2005-2018
Foreclosure rate in the United States from 2005 to 2018
by Jennifer Rudden,
last edited
Aug 9, 2019
In 2018, the share of housing units with a foreclosure filing was 0.47 percent. Foreclosure results when a homeowner fails to pay their mortgage payments on time, so the lender evicts them from said property and takes control of it. The foreclosure rate reached its peak in 2010, just after the financial crisis of 2007-2009. Since then, the rate has steadily fallen.
The aftermath of the financial crisis
In the lead up to the financial crisis, the volume of outstanding mortgage debt rose. This fell in the aftermath of 2008, which is most likely connected to the fall in the rate of foreclosures in that period. The volume of outstanding mortgage debt began to rise again in 2013, albeit at a slower rate than pre-2018.
Perception among homeowners
In 2018, the majority of mortgage holders in the U.S. believed that it was unlikely that their residence would be foreclosed, which is reflected in the actual numbers. However, almost ten percent said that it was likely, which is much higher than the data shows. This indicates that the fear of foreclosure weighs heavily on the minds of mortgage holders, even in a time when the rate of foreclosure is below one percent.
Foreclosure rate in the United States from 2005 to 2018
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by Jennifer Rudden,
last edited
Aug 9, 2019
In 2018, the share of housing units with a foreclosure filing was 0.47 percent. Foreclosure results when a homeowner fails to pay their mortgage payments on time, so the lender evicts them from said property and takes control of it. The foreclosure rate reached its peak in 2010, just after the financial crisis of 2007-2009. Since then, the rate has steadily fallen.
The aftermath of the financial crisis
In the lead up to the financial crisis, the volume of outstanding mortgage debt rose. This fell in the aftermath of 2008, which is most likely connected to the fall in the rate of foreclosures in that period. The volume of outstanding mortgage debt began to rise again in 2013, albeit at a slower rate than pre-2018.
Perception among homeowners
In 2018, the majority of mortgage holders in the U.S. believed that it was unlikely that their residence would be foreclosed, which is reflected in the actual numbers. However, almost ten percent said that it was likely, which is much higher than the data shows. This indicates that the fear of foreclosure weighs heavily on the minds of mortgage holders, even in a time when the rate of foreclosure is below one percent.
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- Release date
- January 2019
- Region
- North America, United States
- Survey time period
- 2005 to 2018
Source
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- As a Premium user you get access to the detailed source references and background information about this statistic.
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- Release date
- January 2019
More information
- Region
- North America, United States
- Survey time period
- 2005 to 2018
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Mortgage industry of the United States
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Further Content: Statistics, Studies, and Topic Pages
Statistics
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