HIDDEN FORECLOSURE CRISIS COSTS
Since 2007, the foreclosure crisis has been increasingly rampant across the United States.
In a recent Yahoo! Finance, MarketWatch report, Amy Hoak discussed the upcoming trends and less talked about affects of the foreclosure crisis. Help with foreclosure is not solely needed for saving your home but also for many deeper issues.
“Five million foreclosures have occurred since 2007, according to the Center for Responsible Lending, a nonprofit that works to protect homeownership by fighting predatory lending practices. And the crisis is only halfway over: There are 3 million to 5 million more foreclosures expected in the next couple of years, according to the center’s best estimate,” Hoak said.
Unfortunately, in many cases, for each of the millions of families affected by the crisis, about one in 10 kids is affected, according to a recent report by First Focus.
Children are deeply affected by foreclosure in every aspect of living, from eating properly, having stable housing and other basic needs that are unlikely to be effectively fulfilled in a foreclosure helpsituation.
Health issues are a major concern for the entire population.
“A recent study found a correlation between the increase in foreclosures and the increase in medical visits for mental health, preventable conditions and stress-related complaints, Hoak reported. Mental health visits might include anxiety or suicide attempts and preventable conditions might include hypertension.”
Finally, as a whole, communities are facing security issues due to the loss of property tax revenue, affecting every community aspect from senior centers to swimming pools, Hoak said.
Vacant properties are debilitating neighborhoods and with talks of the crisis, only being about half-way through, foreclosure help will continue to be needed throughout the country.