Foreclosures
Foreclosure happens when a homeowner is unable to make mortgage payments on their property, allowing the lending institution to seize the property and evict the homeowner. Housing foreclosure has negative impacts on households and neighborhoods. High foreclosure rates in a neighborhood can lead to a lack of community and economic investment, vacancies and blight, increased levels of property crime and vandalism, and overall lower property values. Households who file for foreclosure are often economically strained and must deal with the consequences of finding new and affordable housing and displacement from their community and schools.