Delinquency rates reflect economic stress among homeowners, a measure of how much trouble homeowners are having paying their bills. As the Great Recession swept through the economy, millions of households faced a toxic mix of already high debts and layoffs that slashed their incomes.
The result was a skyrocketing rate of foreclosure.
For several years, households cut debts and struggled to keep or regain jobs. After hemorrhaging jobs, the economy stabilized, started to grow and to produce new jobs.
Nationally, an estimated 5 million Americans lost their homes. But bit by bit, households have rebuilt their financial stability. And the foreclosure numbers have gotten correspondingly better – albeit at a modest pace.