HomeRock began work with distressed real estate assets in 2009. After the housing market crashed, business practices shifted to attainment of vacant, foreclosed properties and their rehabilitation into marketable homes. HomeRock's success has driven its growth over the past eight years towards a nation scope with a more diverse market. Current goals involve taking the finely-tuned business models that have proven successful in California and implementing them throughout the country, targeting residential real estate that fails to serve its community at maximum potential.
Our process has learned to focus across the country and evaluate individual housing markets where our approach will be most advantageous. Second sentence starting with In California should change to When California's housing market recovery began and prices reduced the quantity of foreclosures and the efficiency of our purchase model we turned our focus to other markets not as far along in the recovery cycle. At that time markets on the mid to south east coast and the whole of the south/southeast, including Texas were in an earlier recovery stage when compared with Northern California. We learned that the housing market in the United States was experiencing a similar reemergence just in different phases. Understanding those phases was the important part of the equation and executing on our mission to take homes that no longer serve the community and return them to a state where they serve the community.
Our diversified fund focuses across the nation where housing markets vary. In California, recent housing market recovery has begun and current prices have reduced the quantity of foreclosures. However, this shrinking market is not representative of the nation as Florida and Virginia continue to exhibit foreclosures that compose the bulk of the market share. In addition to regions with limited foreclosures, areas with relatively healthy and stable housing markets exist, so HomeRock has also adapted to shrinking markets through attainment of outdated homes that are also under serving their communities. Whether markets are rising on the East or falling in the West, HomeRock's versatility is capable of making the absolute most of any given market.
HomeRock not only raises the value of a neighborhood, provides new homeowners with a quality product, rejuvenates the housing market and promotes the nation's economic growth, but we have developed the ability to do that in a consistent manner. Understanding that market conditions will always be ebbying and flowing our process and diversified team is prepared to handle the continual growing and shrinking of markets so that we can continue to produce habitable homes.