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A quick comparison between now and 1996 adjusted for changes in population:
In 1996 we had a population of around 2.7 million with 337 foreclosures. Now we have a population of around 3.05 million with 433 foreclosures.
1996- 1 foreclosure per 8,012 residents 2007- 1 foreclosure per 7,044 residents
Even when adjusted for population growth this is a more significant number of foreclosures than 1996.
Also, didn’t we set a record in 2005 or 2004 for lowest number of foreclosures? Its earie how fast we went from setting record lows to record highs.
