Foreclosure rates have dropped by nearly 85% from their 2009 high in the United States. Data released by the Federal Reserve reveals that there were only about 85,000 foreclosures throughout the country during the last quarter of 2016.
To put that in perspective, there were around 550,000 foreclosures during the first quarter of 2009. In fact, foreclosure rates have never been this low since the Fed started publishing it’s Microeconomic Data report in 2003. There are about 126 million single family residences in the U.S., giving us a foreclosure percentage of about .07% or close to 7 out of every 10,000 homes.
Part of the reason for the drop in foreclosures is affect that a stronger economy has on the housing market. New buyers looking to purchase a home are being met with more stringent lending requirements than in the past, making it far more likely that they will make on time …