PPRC News
Report Released on Missouri Foreclosures,
Mortgage Defaults, Now Four Times Higher Than in Previous Decades
The Foreclosure Crisis is not going away soon, say researchers
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| »Read the full report here |
A new report prepared by PPRC recommends that Missouri create a state-wide Homeownership Preservation Task Force to address rising home delinquencies and foreclosures, which are occurring at rates four times higher than previous decades. The report found that unemployment is making the foreclosure problem worse, negatively impacting families and communities, and it concludes that the task force is urgently needed to gather facts and make recommendations to the governor and elected officials.
Because of high unemployment, even higher-income families with conventional loans are now being impacted by foreclosure. According to Bill Emmons, Senior Economist at the Federal Reserve Bank of St. Louis, although unemployment is beginning to decline, it is expected to remain high for the next few years, which will continue to put families at risk of losing their homes.
“The research is clear,” said report co-author Todd Swanstrom, PPRC’s Des Lee Endowed Professor of Community Collaboration and Public Policy Administration “Foreclosures impose huge costs on Missouri's families, communities, and local governments. The foreclosure crisis is not going away anytime soon. The state of Missouri needs to take action now.”
The report summarizes the key findings of a statewide foreclosure summit held in Jefferson City, Missouri in January. For a full color copy of the report with links to further research click here.
Read news coverage of this study on foreclosure:St. Louis Post-Dispatch (July 2, 2010) |
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