ABSTRACT
Nearly 1.2 million homeowners received foreclosure notices in 2007, an increase of 130% from 2006. Far more homeowners fell into arrears on their mortgages. So began the foreclosure crisis that sparked a global fi nancial crisis and plunged the United States into its worst economic recession since the 1930s. From 2007 through 2012 more than 12.5 million homes were foreclosed upon. Although foreclosure and delinquency rates have declined since 2011, they remain quite high by historical standards. Many households and communities continue to struggle with the negative consequences of foreclosure.
