Impact of Foreclosure
The impact of foreclosure goes beyond just homeowners but also expands to towns and neighborhoods as a whole. Cities with high foreclosure rates often experience more crime and thefts with abandoned houses being broken in to, garbage collecting on lawns, and an increase in prostitution. Foreclosures also impact neighboring housing sales on two levels—space and time. For any given time frame, foreclosures have a greater negative impact when they are closer to the property attempting to be sold. The conventional view suggested is that the increase in foreclosures will cause declines in the sales value of neighboring properties, which, in turn, will lead to an extension of the housing crisis. Another significant impact from increased foreclosure rates is the effect it has on school mobility of children. In general, research suggests that switching schools is damaging for children, although this does significantly depend on the quality origin and destination schools. A study done in New York City revealed that students who changed schools most often entered a school with lower, on average, test scores and overall school performance. The effect of these moves on academic performance for individual students is something needing further research. Foreclosures also have an emotional and physical effect on people. In one particular study of 250 recruited participants who had experience foreclosure, 36,7% met screening criteria for major depression.
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