Earlier this week, moveyourmoneyproject.org – a website that encourages consumers to move their money from large national banks to smaller, local banks – posted a link for a study that details the foreclosure crisis in California and the effects it has on families and local communities.
Most of the data in the report is far from surprising, but to see in print will still raise an eyebrow. While the study focuses solely on California, there are likely strong parallels for many other states and unlike other reports – that tend to focus on the number of foreclosures and the percentage they represent of the overall housing market (for a given city or state) – this reports calculates the actual costs to the community and state.
Among some of the more interesting stats:
- $337,379 value loss per foreclosure to the surrounding community
- $2,058 property tax loss for every foreclosure
- $19,229 cost for every foreclosure, when factoring the municipal costs such as: maintenance of blighted properties, sheriff evictions, inspections, public safety, trash removal, etc.
Find the rest of the report here…
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