The Ripple Effect
Foreclosures cause collateral damage that extends far beyond the family unit. Some casualties include: Property values, tax revenues, the construction industry, employment rates and the long-term stability of the national economy.
This 4-page fact sheet hones in on one hot-button topic: Foreclosures. Readers will learn the issue’s highlights in fast succession, including why foreclosures are crippling America’s families and communities, how we ended up in a housing crisis, and what the Foundation is doing to ease foreclosure fallout while helping families avoid similar fates in the future.
The foreclosure crisis is a national issue that the Annie E. Casey Foundation is tackling at the local level. Current strategies include: 1. Enhancing mortgage counseling efforts; 2. Increasing utilization of federal funds aimed at stabilizing neighborhoods; 3. Promoting programs and policies that aid renters facing foreclosure; 4. Expanding legal assistance for homeowners; 5. Boosting the capacity for data-driven change.
One population the Foundation is determined to help? Renters. In 2009, about 1 in every 3 foreclosed homes was occupied by someone other than the owner. While their vulnerability is clear, families who rent have received the least support and attention during the foreclosure crisis.
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