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Posts tagged foreclosures

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Welcome to the Suburban Depression The suburban poverty rate is 11.8 percent, a level not seen since 1967. A key factor in the rise in suburban poverty may be the fact that the housing market has played such a central role in the economic slump.  Many suburbs have seen a vast amount of wealth erased by declining housing markets and mortgage foreclosures, resulting in a great deal of economic dislocation. Since white Americans are more likely to own homes than African Americans, this could also explain why whites have fared worse than they did in the 1990s while African Americans have fared better. Read more »

Welcome to the Suburban Depression

The suburban poverty rate is 11.8 percent, a level not seen since 1967.

A key factor in the rise in suburban poverty may be the fact that the housing market has played such a central role in the economic slump.

 Many suburbs have seen a vast amount of wealth erased by declining housing markets and mortgage foreclosures, resulting in a great deal of economic dislocation. Since white Americans are more likely to own homes than African Americans, this could also explain why whites have fared worse than they did in the 1990s while African Americans have fared better.

Read more »

Filed under economy economics recession suburbs suburban depression poverty suburban poverty foreclosures mortgage foreclosures

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thedailyfeed:

Foreclosure rates soared in August, indicating that government intervention and furor over so-called robo-signing merely offered a false reprieve from the tsunami of foreclosures that slammed the U.S. economy. Thirty-one states saw increases in foreclosure filings while defaults skyrocketed by a staggering 33%. Connecticut, New Hampshire and Massachusetts had the highest month-over-month increase in foreclosure filings (in that order).

Filed under news economy foreclosures