Thursday, June 25, 2009

Facts and Findings about Foreclosures, Families, and Communities

"The Impacts of Foreclosures on Families and Communities," a new new Urban Institute report, details what is known about how foreclosures adversely affect households and their neighborhoods — from children and the elderly to public safety and local property tax revenues. It also looks at policies, programs, and response strategies to prevent or mitigate the fallout.

The report, a comprehensive resource for local officials, advocates, and concerned laypeople, was motivated by the recognition that this decade may be the most tumultuous in the history of U.S. housing markets. Home prices skyrocketed from 2000 to 2006, while subprime loans and other factors propelled an expansion in homeownership. Then it all fell apart. Prices have plummeted, foreclosure rates have ballooned, and many communities have been walloped.

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