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Real Estate Owned and Foreclosure Problems Impact School Children



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By : John Cutts    99 or more times read
The Baltimore Neighborhoods Indicator Alliance has recently released a study showing that an increasing number of children are affected by real estate owned and foreclosure numbers in Baltimore, Maryland. The Alliance's study covered the period 2008-2009.

According to the study, around 2,400 school children studying in public schools are currently residing in distressed homes in Baltimore or in houses under some stage of foreclosure. The figure represents a 20% rise when compared with statistics gathered five years ago. What is even more significant than the rise is the fact that, according to the report, almost half of the children actually live in rental properties.

Prior to the real estate crisis, the number of rental distressed properties in Maryland that accounted for total foreclosure numbers were fewer than 30%. The data presented by the Alliance showed that in the Patterson High and Brehms Lane Elementary schools, over 50 students are living in houses under foreclosure. This means that around 7% of Brehms' students are affected by foreclosure, while in Patterson; the figure is over 3.5%.

The study highlighted the extent of the impact of real estate owned and foreclosure problems on the city. Analysts have also stated that students who are living in a property under foreclosure will be at higher risk of not finishing school since they could be forced to live in another place and switch schools or end up not going to school altogether. They stated that problems at home often affect students' academic performance, with some of them facing the possibility of dropping out and discontinuing their education.

Analysts have also highlighted the increasing number of rental distressed properties for sale in the city, stating that some landlords are unable to collect rent due to high unemployment levels, while others have probably taken out loans during stronger economic times and were later caught by the real estate crisis.

Housing industry observers have stated that the number of foreclosures and real estate owned properties in Baltimore will likely continue to increase in 2011. The study by the Alliance also showed that, at this time, rental housing is taking as much of the worst of the crisis as residential homes.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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