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Social Impacts of Foreclosure: Addressing Challenges & Priorities in Wisconsin

Explore how foreclosures affect families & neighborhoods in Wisconsin, highlighting displacement, financial hardship, and stress. Learn about the challenges faced & strategies to help impacted families.

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Social Impacts of Foreclosure: Addressing Challenges & Priorities in Wisconsin

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  1. Social Impacts of Foreclosure Foreclosures in Wisconsin: Responses and Resources for Living Beyond the Bubble November 5, 2009 Robin Smith The Urban Institute

  2. Social Impacts of ForeclosureThis presentation • Impacts on families • Impacts on neighborhoods • Challenges and priorities

  3. Impacts on families • Displacement • Housing Instability • Financial Insecurity and Economic Hardship • Personal and Family Stress

  4. Displacement • Where Do Households Move? • No systematic information • Homeless system survey • Reduction in Housing Quality • Decline in household resources • Rental housing more expensive than comparable owned housing • Quick decisions often mean poor choices

  5. Housing Instability • First Step on Unstable Housing Path • Patterns for low-income households • Homelessness • Hard Hit Groups • The very old • The very young

  6. Financial Insecurity • Homeowners • Devastating loss of wealth • Credit ratings shattered • One estimate, takes 10 years to recover • Renters • Lose security and other deposits • Incur costs of housing search and moving • Move may lead to less-affordable situations

  7. Financial Hardship • Financial implications gloomy but do not evoke economic hardship for all families • Selected Hardship Measures • Food Stamps • Social service caseloads • Personal bankruptcy • Hardship for Older Americans • Particularly hard hit • Limited amount of time to overcome setback • Rely on housing investment to fund retirement years

  8. Personal and Family Stress • Disrupted Relationships • Family turbulence • Exacerbates negative behaviors such as child abuse and addiction • Marital problems and domestic violence • Mental Health • Physical Health

  9. Impacts on Neighborhoods • Social breakdown in neighborhoods • Household turnover • Physical deterioration • Decline in property values • Increase in crime

  10. Challenges and priorities • Addressing the crisis overall—need policies to: • Prevent foreclosures of current mortgages • Help displaced families recover • Prevent similar crisis in future • What do we need to know? • Very little documentation let alone formal evaluation • Where are families? What do they need? What works? • Recognize the many social consequences • Identify especially vulnerable populations • Acknowledge applicability of existing strategies

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