Rising number of US foreclosures spell trouble
United States, 3rd October: The rate of foreclosures for homes in the US has witnessed a worrying increase after showing a marginal decline in the initial half of the current year.
Foreclosures common during economic crisis–Foreclosures are a common predicament seen in poor financial times when people find it difficult to make timely and regular mortgage payments due to loss of jobs and high medical bills.
No wonder, such financial scenario makes foreclosures a typical public health problem. It’s not for the first time that a high rate of US foreclosures is being witnessed. Last year too, around 2.9 million real estate owners were issued foreclosures.
Foreclosures threaten communities--Foreclosures are a threat to the wellbeing of communities and the families alike, findings of several studies undertaken in the past indicate.
Home owners facing foreclosures report of high rates of failure to see the doctor or filling prescriptions as compared to others, findings of a study in Philadelphia in the year 2008 show.
Yet another paper states increased number of people getting hospitalized for ailments like heart failure, high blood pressure or diabetes belonged to high-foreclosure regions in different US states including Florida, Arizona and so on.
And depression accompanied by suicidal tendencies was at an alarmingly high rate in people living in high-foreclosure areas, a study by National Bureau of Economic Research shows.
Losing home ownership is a big blow for the people since it leads to poor social ties with not just their neighbors, but even with health care providers. So, health of people facing foreclosure notices suffers naturally.
Solutions for curbing home foreclosures—Something is needed urgently to control the menace of foreclosures which is eating up communities.
The role of mortgage counselors comes to be of great help in this regard. They can work with financial institutions and homeowners to chalk out a viable solution.
Timely screening as well as treatment can aid families keep their home ownership intact. And treatment of depression among homeowners facing foreclosure notices can help in increasing opportunities of getting new jobs.