State of Foreclosure After Great Recession

Ten years after the Great Recession the global economy has recovered in many ways. Middle-class earnings are growing, and the U.S. is experiencing a rock-bottom unemployment rate.

Despite this, the Great Recession altered American’s relationship to home ownership and the housing market. Years of faulty subprime mortgage pricing lead the foreclosure rate to double in the wake of the crisis. A decade later the foreclosure rate is just now coming down to pre-recession levels. Even Americans who have not foreclosed on their homes are still paying off mortgages for homes that are now worth exponentially less than what they were bought for.