Foreclosure crisis is the largest forced relocation event since the Great Depression

November 22, 2010: The number of children displaced has been climbing steadily in recent years, with nearly 40 percent of U.S. school districts surveyed citing foreclosure as the top reason for the surge in homeless students, according to a report this summer by First Focus and the National Association for the Education of Homeless Children and Youth.

They’re wondering where their next home, their next school, their next set of friends are going to be,” Thiel said. “A poignant issue that’s often overlooked is: ‘Where will my dog go? What will happen to my fish or my rabbit?’ … It changes their world view.

Shadow inventory continues to climb, and there is now an eight-months supply of these homes, according to CoreLogic.

The ongoing controversy surrounding foreclosures is taking its toll as homebuyers refused to look at distressed properties in October, and foreclosure sales suffered from delays, according to the latest Campbell/Inside Mortgage Finance Monthly Survey. The data analytics firm said the number of homes seriously delinquent, in foreclosure or REO and not on multiple listing services rose to 2.1 million units as of August, up from 1.9 million, or a five-month supply, a year earlier.

Published by Stout Law Firm

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