Like the crisis in the banking system, the foreclosure problem has grown so large that it threatens the entire economy. Foreclosures depress housing and commercial real estate prices throughout neighbourhoods, imposing serious costs on third parties. Each of the eighty closest neighbours of a foreclosed property can suffer a nearly $5,000 property value decline as a result of a single foreclosure. Communities with high foreclosure rates suffer increased urban blight and crime rates. When families have to relocate, community ties are cut, affecting friendships, religious congregations, schooling, transportation and medical care. Numerous foreclosures flood the market with excess inventory that depress other sale prices. Thus, foreclosures can harm other homeowners both by encouraging additional foreclosures and by reducing home sale prices, while decreased property values hurt local businesses and reduce state and local tax revenues. This book examines the issues in depth, focusing on the causes of the problem as well as presenting a variety of solutions.
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