Increase in Foreclosure Activity is Leading to More Homelessness
January 7th, 2009
Officials are struggling to tackle the problem of families without shelter as increase in foreclosure activity is leading to more homelessness.
Many tales of woe are pouring in. Jill Maker of Lowell is pregnant and expecting her third child. Fate has suddenly turned against her and she is pending her days on the hallway of her in-laws together with her husband and two children. The bank foreclosed upon the apartment where the family had been living as tenants. Taken unawares and without savings they do not have the money for security deposit so as to rent another place. Maker reflects with sadness, “A lot of people don’t think they’re going to get into this situation, but they do, and once you get there, it’s like, what am I going to do now?” Since they came to know of the foreclosure it has been downhill for Jill and her loved ones.
There are hundreds and thousands of similar other Jills across the country as the recession continues.
The real estate market in seven communities stretching north west of Boston are sliding into deep waters as more and more houses are slipping into foreclosures. It does not bode well for those who are not in foreclosure. The value of their houses tends to go down as they find themselves surrounded by crime and disease. The owner of ERA Morrison Ronald C. Morrison is a realtor with officers in Acton, Ayer, Billerica, Chelmsford, Dracut and Lowell. He does not hope for any turn around in the near future. He thinks that the only hope lies in government bailouts but that will take time. He added, “It’s tough because of the fact that in Washington, they’re continuing to fight each other about what to do.” Morrison points to the numbers to prove his point. Lowell is in very bad shape but not as much as various other cities. Lawrence is not in a better position than Lowell.
When the vacant repossessed houses run to seed the entire block gets blighted. The value of adjoining houses fall as crime and disease stalk in. Morrison is discouraging his agents from putting up For Sale signs as he thinks these are open invitation to thieves, drug pushers and prostitutes. There are so many such foreclosed houses that the municipal authorities feel helpless.
The Lowell City Council is taking steps to remind banks that as per the city laws it is mandatory for them to maintain and care for their properties.
- How Do I Pay for a Home Purchased at a Foreclosure Auction?
- Cleveland Has Been the Epicentre of Foreclosures
- The Sin City of Las Vegas Is Now Becoming the Foreclosure City of Tents
- Afro-Americans Are Suffering the Most for this Foreclosure Crisis
- Congressional Panel Is Worried About Misuse of Funds Meant for Foreclosure Prevention
- Washington State Will be Getting Help to Tackle the Forclosure Menace
Related Posts
Posted in
Foreclosure Auction |
No Comments »
Comments
Leave a Reply
Search
