The Foreclosure Crisis is confusing. It’s hard to understand. It’s even hard for me, who’s been reading about the foreclosure crisis for two years, to understand. It’s complicated and it’s supposed to be. And in the time that you’re willing to sit with me, I don’t think that I could explain it succinctly. So, instead, I spliced together some stuff from people who speak more eloquently about the state of the housing market than I do.
1.) When people think of the foreclosure crisis they imagine that individuals are the only ones affected. Sure, the individual toll is enormous. Foreclosure devastates families. But it also ruins communities. Every foreclosed home tanks surrounding property values. Homeowners are evicted on our tax dollars by our civil servants. Foreclosure is a costly epidemic and its not over.
Responsible lending.org- The cost of the housing crisis for Georgia:
2. According to Core Logic’s July 2013, National Foreclosure Report , since the start of the financial crisis in 2008 there have been 4.5 million completed foreclosures. And everyone is celebrating how the foreclosure rate is dropping, but I’m not sure why. Won’t we eventually run out of people to foreclose on? And even though Georgia is celebrating the drop in foreclosures, we’re still 5th in the nation for the number of foreclosure in between July 2012 and July 2013. If you get a chance, please take a look at the report. It’s all fun, purple graphs and I find pictures easier to understand. You might as well.
I found this interview with Dan Immerluck particularly helpful. Here Immerluck talks about the housing crisis, the origins of the crisis, dispels some common myths, and gives a helpful vocabulary lesson to all of us housing-noobs.
Terminology and Background on the Foreclosure Crisis, an Interview with Dan Immerluck of GA Tech
“We continue our look at the foreclosure crisis in metro Atlanta with some terminology and background. Dr. Dan Immerluck is an Associate Professor of City and Regional Planning at Georgia Tech, who has written extensively on real estate and lending policy. To begin, he provides a definition for a term that seems to be at the heart of the mortgage debate—the sub-prime loan.” – PBA 30
4. A Picture of the Current State of Atlanta’s Foreclosure Crisis
The Atlanta Regional Commission credits the decline in foreclosure rates with the current rise in housing prices in Atlanta. As far as the national picture goes, Atlanta is still struggling for foreclosure solutions.
“Metro Atlanta (28-county) still ranks 7th out of the 25 most populous metros in the percentage of mortgages that are considered “seriously delinquent” (those 90 days past due or already in the foreclosure inventory).” – See more at: http://news.atlantaregional.com/?p=1366#sthash.qS6dwZj4.dpuf
This organization helps put a face on the foreclosure crisis. They work with homeowners and their neighbors in the struggle against people losing their homes to banks. They guide everyday people as they learn to become and activists and fight for their right to retain their homes through community organizing and direct action.