According to a study conducted jointly by the Alameda County Public Health Department of California and housing rights group Causa Justa, a looming foreclosure may result in increased mental and physical conditions. Initial data showed that consumers living in areas with the highest foreclosure rates have a life expectancy rate that is 10 years less than those living in more stable areas, although high unemployment and crime may also be contributing factors.
Building on the initial data, the health department conducted a survey, which showed that homeowners who are facing foreclosure were twice as likely to report medical problems than others. Additionally, that same group was twice as likely to face depression, anxiety and stress. The report also revealed that negative health effects are not specific to homeowners, but also tenants living in foreclosed apartment buildings.
“This kind of financial distress leads to intense levels of stress, which, in turn, makes it not at all surprising to find people who are suffering emotional and, in some cases, physical consequences,” Paul Leonard, director of the California office of the Center for Responsible Lending, told the San Francisco Chronicle.
Federal and bank loan modification programs have been instrumental in helping thousands of homeowners avoid foreclosure proceedings. However, RealtyTrac recently projected that foreclosures in the U.S. are expected to reach more than 3 million by the end of the year, revealing that the real estate crisis is not yet over.
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