Report Update: Sheltering Neighborhoods from the Subprime Foreclosure Storm
In an update to the Joint Economic Committee's March report, "Sheltering Neighborhoods from the Subprime Foreclosure Storm," the JEC finds that foreclosures continue to rise across the nation as more and more subprime borrowers’ loans reset to higher rates in a weak housing environment.
· Home Foreclosures are on the Rise.
· Foreclosures Exact a High Toll on Families.
· Foreclosures are Costly to Communities.
· Neighboring Homeowners Lose 1 Percent in Property Value Per Foreclosure on their Block.
· A Vacant Property Can Cost Local Taxpayers $20,000 in Annual Maintenance.
· Foreclosure Prevention Counseling Saves Families’ Homes and Communities.
· Foreclosure Prevention is a Cost-Effective Strategy.