There were a ton of foreclosures seriously starting in 2007 due to the mortgage crisis that brought the economy down. The banks were super over-burdened with the abundance of foreclosure documentation…….so they did many shortcuts in doing fraud, omitted notary for signatures, had clerks sign legal documents without reading them, no chain of title docs, etc. etc. In essence, these events will cause a ton of litigation, slow the housing market significantly, and further stretch the timeliness of our recovery. The foreclosures will be slowed down and therefore, we have not seen the peak of foreclosures yet.