About 600,000 homeowners will lose their properties to foreclosure this year, according to RealtyTrac.
Between 2006 and 2012, five million homeowners entered into foreclosure, the research firm noted.
This drastic trend has pushed many real estate investors to believe that the American dream of homeownership is over, developing a new renter society.
America’s homeownership rate fell from 69% in 2014 to the 65.4% in 2012, according to the Census Bureau’s Current Population Survey/Housing Vacancy Survey.
"We still have four or five years before we hit bottom," said Robert Massi, a Las Vegas attorney, referring to a recovery in real estate.
He added, "If these guys start putting their rental inventory on the market — after foreclosures go up again — prices will tumble. You're going to see the same bubble cycle again."