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Subprime Meltdown Takes Toll on Home Values.
Washington -- Nearly one-third of all households could see the value of their homes decline by an average of $5,000 due to a nearby subprime foreclosure, according to a new study by the Center of Responsible Lending.
Over 44 million homeowners could be impacted and the total decline in house values and tax base from nearby foreclosures will be $223 billion, the CRL issue paper says.
The Durham, N.C.-based consumer advocacy group also warns that minority communities with large concentrations of subprime borrowers could experience more severe declines in property values.
A recent congressional study estimates that two million households with adjustable-rate subprime mortgages could end up in foreclosure by the end of 2009 and lose $71 billion of their housing wealth. This Joint Economic Committee study estimates the spillover effect on nearby homeowners would be only $32 billion.
CLR chief executive Martin Eakes stressed that his groups estimates are utterly conservative and he expects the spillover effects will be greater $223 billion.
He noted the JEC researchers did not have access to census level data. But his researchers were able to dig in and look at where the ...
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