And what was the foreclosure rate 5 years ago? I do remember hearing about a year ago that foreclosures were at an all-time low.
A year ago prices were rising fast, so who needed to default on the loan? You could put a house on the market for what you owed, even if you'd financed it "over value" a few months before, and sell it quick. There was virtually no need for foreclosures at all.
Now prices are flat, and people default. So?
Yeah...you are right...no big deal
/sarcasm off/