X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-The mortgage crisis is affecting more than just single family home owners. A new report by the National Low Income Housing Coalition finds that renter-occupied dwellings comprise close to half of the total number of properties in foreclosure in four New England states. The report is called Properties, Units, and Tenure in the Foreclosure Crisis: An Initial Analysis of Properties at the End of the Foreclosure Process in New England.

Between Jan. 1, 2007 and March 31, 2008, a total of 14,993 residential properties in Massachusetts, Connecticut, Rhode Island, and New Hampshire had fallen into the foreclosure process, the report said. Of these, 32% were multi-unit properties. Thus, of the 23,440 separate housing units that were in advanced stages of foreclosure, 56% were in multi-unit properties. Using the most conservative assumptions–all of the single family homes were occupied by homeowners and all of the owners of the multi-unit properties live on site in one of the units–NLIHC concluded that at least 45% of the housing units in foreclosure were renter-occupied in these four states. More than likely, given the likelihood that some of the single family homes are occupied by rents and some of the multifamily apartments are investment properties, the true number is probably higher.

Danilo Pelletiere, research director, tells GlobeSt.com that the findings are not surprising. “We always said the foreclosure crisis is also a housing crisis.” Policymakers need to incorporate these findings into larger strategies for the affordable housing problem, he adds.

“The interests of renters are getting lost in the policy debate in Washington, while the interests of lenders, investors, home builders, and homeowners are commanding Congressional attention,” Sheila Crowley, NLIHC president, says in a prepared statement. “Foreclosure usually means eviction for renters. Because renters as a group have lower incomes than homeowners and because most renters who are evicted due to foreclosure never get their security deposits back, they face a period of housing instability at the very least and many are at risk of homelessness.”

Policy prescriptions the organization is advocating include:

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.