Foreclosures Drain $2 Trillion from Neighboring Homes
Foreclosures across the United States have drained nearly $2 trillion in property value from surrounding households, more than half of it from African-American and Latino homeowners, a new study from the Center for Responsible Lending finds. The report, "Collateral Damage: The Spillover Costs of Foreclosures," updates CRL's research on the economic harm that homeowners suffer by living near foreclosed properties—the...