April 24, 2012, 12:02 a.m. EDT
Three hidden costs of the foreclosure crisis
The country’s foreclosure problem is only halfway over: CRL
By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) — Recent statistics show foreclosure activity is declining, but the nation’s foreclosure problem is far from over. What’s more, the drawn-out foreclosure crisis has lasting consequences for those who have lost their homes as well as the communities surrounding them.
Five million foreclosures have occurred since 2007, according to the Center for Responsible Lending, a nonprofit that works to protect homeownership by fighting predatory lending practices. And the crisis is only halfway over: There are 3 million to 5 million more foreclosures expected in the next couple of years, according to the center’s best estimate.
To get an idea of the magnitude of the problem and just how the volume of foreclosures compares to more normal times, consider this: In 2003, before the housing bubble, one out of every 38 homeowners in the country were seriously delinquent (90 days or more past due on their mortgage payments) or in foreclosure. Today, one out of 10 are seriously delinquent or in foreclosure, according to the CRL.
Full story: http://www.marketwatch.com/story/three-hidden-costs-of-the-foreclosure-crisis-2012-04-24
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