From January 2006 to April 2016, there were 6.3 million completed foreclosures in the U.S., according to RealtyTrac as reported by Brooke Niemeyer of Credit.com.
“It is a big number,” Daren Blomquist, Senior Vice President of RealtyTrac said in an email. “Normal would be around 250,000 bank repossessions per year. These last 10 years represented the biggest loss of home ownership and shifting of real estate wealth since the Great Depression.”
The housing market has improved in recent years, but it’s not all rosy. Unfortunately, we are already seeing signs of another housing bubble in certain markets, so people should continue to be cautiously optimistic when it comes to the housing market,” Blomquist said.
But Blomquist says people who can truly afford to buy a home may still benefit from it.
“Home ownership done responsibly is still one of the best ways to build wealth,” Blomquist said.