Tuesday, February 17, 2009

Ripple Effect of Foreclosures

While foreclosure can be financially and emotionally devastating for families, there are also community effects that ripple beyond the homeowner(s) involved.

The Start Tribune published an article this past weekend that shows the effect foreclosures are having on local shelters:

In March of 2008, the Minneapolis/St. Paul business journal published an editorial that highlighted the effects foreclosures are having on families that are renting homes that are in foreclosure:

NACO, the National Association of Counties published a policy brief in June of 2008 that showed the effect foreclosures are having on county budgets nationwide. Foreclosures affect both county expenses and income (revenue). You can read the entire brief, in Adobe PDF format, here:

The Minnesota Home Ownership Center understands the importance of preventing foreclosures whenever possible. Homeowners that are having difficulty with their mortgage payments, or are afraid they may have difficulty in the future, are encouraged to contact the Center’s network as soon as possible. For foreclosure resources, click here:

No comments:

Post a Comment

This is a moderated blog. That means all comments will be reviewed before posting. In addition, we expect that participants will treat each other, as well as the Center, our Counseling Network and other partners, with respect. We will not post comments that contain vulgar or abusive language; personal attacks of any kind; any offensive terms; spam; are clearly “off topic” or that promote services or products. Comments that make unsupported accusations will also not be posted.