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Financial Crisis Inquiry Report, Authorized Edition by Financial Crisis Inquiry Commission

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22
THE FORECLOSURE CRISIS
053

FORECLOSURES ON THE RISE: “HARD TO TALK ABOUT ANY RECOVERY”

Since the housing bubble burst, about four million families have lost their homes to foreclosure1 and another four and a half million2 have slipped into the foreclosure process or are seriously behind on their mortgage payments. When the economic damage finally abates, foreclosures may total between 8 million and more than 13 million, according to various estimates.3 The foreclosure epidemic has hurt families and undermined home values in entire zip codes, strained school systems as well as community support services, and depleted state coffers. Even if the ...

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