concepts
type: Collection
type: ConceptGroup
member: foreclosures

foreclosures
type: Concept
broader: housing affordability
definition: Residential foreclosures occur when homeowners with mortgages default on their loans and lenders choose to exercise their collateral claim on the home. The U.S. foreclosure rate increased dramatically in the late 2000s as a result of high rates of subprime lending during the earlier part of the decade. [Source: The Encyclopedia of Housing; Foreclosures]

housing affordability
type: Concept
narrower: foreclosures