Housing Crash Crisis

“Growing numbers of Americans who have lost houses to foreclosure are landing in homeless shelters, according to social service groups and a recent report by a coalition of housing advocates. Only three years ago, foreclosure was rarely a factor in how people became homeless. But among the homeless people that social service agencies have helped over the last year, an average of 10 percent lost homes to foreclosure, according to ‘Foreclosure to Homelessness 2009,’ a survey produced by the National Coalition for the Homeless and six other advocacy groups. In the Midwest, foreclosure played a role for 15 per cent of newly homeless people, according to the survey, reflecting soaring rates of unemployment — Ohio’s reached 10.8 percent in August — and aggressive lending to people with damaged credit,” according to the New York Times.