Foreclosure Effects on Homelessness
Indicators of Increasing Homelessness due to the Foreclosure and Economic Crises
Both the foreclosure crisis and the economic downturn contribute to increased homelessness. Foreclosures are leading to homelessness for both low-income homeowners and renters of foreclosed properties. Job loss and prolonged unemployment are leading to inability to afford mortgage or rent payments, and the absence of an adequate safety net are also driving increased homelessness. As the recession deepens, these trends are likely to worsen.
The following statistics, taken from news stories and reports from around the U.S., are indicators of increasing homelessness: (1) increasing foreclosures and evictions, (2) increasing numbers of homeless students, (3) increasing use of shelter, and (4) increasing use of food stamps, food pantries, and soup kitchens.