THE EFFECTS OF FORECLOSURE:
Emotional Well-Being Distressed - According to Harris Interactive Poll of persons going through foreclosure 38% are Scared, 35% are Depressed, 9% are Angry, 8% are Embarrassed, and 9% None of these.
Increase of Violent and Petty Crime - According to Neighbor Works America, homes in foreclosure that become vacant provide sites for crime. Lin Cui of the University of Pittsburgh Department of Economics study showed that the rate of violent crime within 250 feet of the property is 15% higher than the rate in the area between 250 and 353 feet from the property.
Halt and Setback of Racial Integration - "Among its many impacts, the foreclosure crisis has partly derailed progress in achieving racial integration in American cities," said Matthew Hall, Assistant Professor of Policy Analysis and Management in Cornell's College of Human Ecology. Research showed that while black and Latino families moved into neighborhoods with high foreclosure rates out of necessity or for newly affordable housing options that the white household were more likely to move from the area.
Strain on Taxpayers Wallets - "Because, at the end of the day, it costs, between shelters and emergency rooms and jails, it costs about $40,000 a year for a homeless person to be on the streets." said HUD Secretary Shaun DonovanProperty Values Decreased - One foreclosure can result in as much as an additional $220,000 in reduced property value and home equity for nearby homes.
If that wasn't depressing enough to get an even bigger picture, the below infographic takes statistics derived from data compiled by the United States Census Bureau and RealtyTrac. The states represented are Florida, Illinois, New Jersey, and New York.
Understanding the infographic - Let's look at Florida
If the data for Florida says that 1 in every 446 homes are foreclosed on and that there are 9,047,612 homes means that there are 20,286 homes in foreclosure and possibly already vacant. That also means that if the average number of persons per household is 2.63 and Florida has an estimated 19,893,297 people, then potentially Florida has 53,352 people who are homeless. Sadly that number includes children.
Are you or do you know someone who could use foreclosure defense?