In the fourth quarter of 2008, subsequent to the economic downturn and burst of the residential real estate bubble, residential foreclosure filings increased exponentially across the country. While some states, particularly California, Nevada and Florida, were particularly hard-hit, nearly all states and communities saw an increase in foreclosures as homeowners struggled with the double punch of job losses and the significant decline in their home values.
Unlike the real estate downturn that occurred in the late 1980s and early 1990s, which largely involved commercial real estate, this more recent downturn had a large impact on residential real estate and, thus, individual homeowners. As unemployment rose to all-time highs and the residential housing market evaporated, many homeowners were left between an economic rock and a hard place — they could neither pay their mortgage nor sell their property. Court systems, as well as state and local governments, struggled to cope with unprecedented numbers of residential mortgage foreclosure actions.
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