![]() Therefore, it is probable that home foreclosure represents a unique economic strain with concomitantly greater adverse impacts on health and mental health than other types of strains. And finally, the adverse effects of foreclosure do not occur in an historical vacuum and may uniquely worsen racial or ethnic disparities in health. Third, foreclosure may involve relocation and disruption of existing social networks. Thus, foreclosure frequently involves stress of protracted duration. Ultimately the lender may elect to force a foreclosure auction, or the property may become real-estate owned. The same options are available after the legal notice of foreclosure is received, or the property may remain in limbo. Before delinquent borrowers are served with a legal notice of foreclosure, they may be able to catch up on payments, modify or refinance their mortgages, or even sell their properties. First, homeownership uniquely buttresses self-identity in a way that other assets and economic activities do not, thereby providing, as described by Saunders, “ontological security.” Second, the experience of home foreclosure is rarely a discrete, time-limited event. The experience of home foreclosure differs from other stressful life events and/or economic strains in several different ways. These related lines of inquiry suggest that the personal experience of foreclosure would be expected to have adverse impacts on individual health and mental health. Conversely, the salubrious effects of housing and homeownership are well known. There is an extensive literature on the adverse health effects of related stressful life events, economic strains such as job loss and personal unsecured debt. Even though Bennett and colleagues had not, at the time of their writing, identified any studies specifically supporting an adverse effect of foreclosure, reasonable extrapolation from related studies would tend to support this expectation. Yet, although a crisis on this scale is likely to have (or have had) significant adverse impacts on population health and mental health, to date there has been no summative assessment of this literature.Īt the level of the individual, prior research yields simple predictions about the associations between foreclosure, health, and mental health. ![]() ![]() Since the end of the Great Recession, there have been more than 8 million additional properties with foreclosure filings in the U.S. Similarly, in a systematic review of the health effects of economic downturns, Modrek and colleagues also identified the need for more research to understand how foreclosures and other aspects of housing insecurity undermine health. housing units in any given year), Bennett and colleagues asked the perceptive question: will the public’s health fall victim to the home foreclosure epidemic? At the time, they were unaware of any studies specifically examining the effects of home foreclosure on health or mental health. history and there were more than 6 million properties with foreclosure filings (representing between 1–2 percent of all U.S. At the tail end of the Great Recession (2007–09), during which housing prices were experiencing the steepest decline in U.S. ![]()
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