foreclosures

(noun)

Following a default on credit, the lending party is allowed to recapture the capital by repossessing assets (such as the property the money was borrowed to purchase).

Related Terms

Examples of foreclosures in the following topics:

  • Trends in Credit After 2008

    • 2007: 2,203,295 foreclosures were filed on 1,285,873 properties during the year, up 75 percent from 2006.
    • 2008: 3,157,806 foreclosures were filed on 2,330,483 properties during the year, up 81 percent from 2007.
    • 2012: 1,836,634 properties received foreclosure notices during the year, down 3 percent from last year.
    • 2014: 1,117,426 properties received foreclosure notices in 2014, a 18 percent decrease over 2013.
    • 2015: 1,083,572 properties received foreclosure notices in 2015, a 3 percent decrease over 2014.

  • Secured vs. Unsecured Funding

    • Seizure of real estate for non-payment is also known as foreclosure.
    • A foreclosure is a legal process in which mortgaged property is sold to pay the debt of the defaulting borrower.

  • The State of the Economy

    • Foreclosures grew, and panic followed.