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: http://tinyurl.com/aas3be
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: http://tinyurl.com/ab4cta
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: http://tinyurl.com/czlobm
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: www.hocmn.org/stayinyourhome.cfm