For the past three years, our country has been in the midst of one of the largest foreclosure messes since the Great Depression. While the banks, investors, and government look at the financial implications, a new study is taking a look at how the children of those who suffer foreclosure are affected.
A recent article stated:
The number of children displaced has been climbing steadily in recent years, with nearly 40 percent of U.S. school districts surveyed citing foreclosure as the top reason for the surge in homeless students, according to a report this summer by First Focus and the National Association for the Education of Homeless Children and Youth.
Children who are forcibly uprooted from their homes and schools tend to suffer emotionally, socially and academically, studies preceding the mortgage meltdown show. Researchers suspect the same might be happening with children who have been dragged through foreclosure and are urgently exploring the consequences.
“This foreclosure crisis is the largest forced relocation event we’ve had in this country since the Great Depression. In the modern educational environment, we’ve never seen anything come close to this,” said Dan Immergluck, a housing policy professor at the Georgia Tech.
The longer the foreclosure process drags on, for years in some cases, the more likely children are to lapse into hopelessness and internalize feelings of insecurity that can linger into adulthood, she said.
What is sad is that we will not know the toll it is going to take on these children as they enter into adulthood. I am sure that the bankers, mortgage companies, and investors who caused this situation will not have to worry about their children. I am sure the little snot nosed brats they raise will learn how to cheat and steal just like their mommies and daddies. 🙂