Seven Facts About the Housing Crisis

Unless you've been under a rock, you have heard of the housing crisis facing American families, but many people don't know what this crisis means exactly. Here are some hard numbers that I hope bring this housing crisis home to those lucky enough to be able to have one.

  1. The value of U.S. homes have fallen $6.3 TRILLION since the crisis began.
  2. Seventy-two percent of major metropolitan areas in the U.S. have more foreclosures today than in 2008. 18.9 percent of houses in Dayton, Ohio are empty along with 21.5 percent of all houses in New Orleans.
  3. Americans have a 50 percent chance of knowing someone who is divorced, which is around the same rate of them knowing someone who faces foreclosure.
  4. Around five million homes are 90 days delinquent or in some stage of foreclosure.
  5. Foreclosed homes are about a quarter of the housing market.
  6. The average US homeowner facing foreclosure has not made a mortgage payment in 17 months.
  7. Almost 30 percent of single-family homes in the United States have underwater mortgages.

As the woman in the video said, "Banks just take the house. They don't fix the problem." The problem is people can't continue paying overvalued mortgages. Banks need to refinance them for each family facing foreclosure so that they are paying a fair price for their homes. The families losing their homes are not misbehaving children that deserve to get their toys taken away from them when they act up. They are people losing a basic human right.  If you agree that this is a serious issue join the Chicago Anti-Eviction Campaign as they fight to keep people in their homes.

 

Facts came from Business Insider and the Economic Collapse Blog.

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