Many Atlanta children are affected by foreclosure

In recent years, there have been countless reports on the effects of the foreclosure crisis on homeowners and renters, especially those in Georgia and the other hardest-hit states. However, few reports have focused on one of the largest and most seriously-affected groups of people: the children who are forced to move out of a home or rental property after it is foreclosed upon and repossessed.

According to the study from First Focus, a bipartisan family advocacy group, about 2.3 million U.S. children have lived in homes lost to foreclosure since the housing crisis began nearly five years ago. In addition, about 3 million children currently live in homes that are seriously delinquent on mortgage loans or that are already in the foreclosure process, placing them at a high risk of repossession. Another 3 million lived in rental properties that were lost to foreclosure, or currently live in rental homes that are at risk of being repossessed.

Unsurprisingly, these effects are higher in states in which foreclosure is more frequent. In Georgia, about 8 percent of children live in homes that were lost to foreclosure or that are in default and at a high risk of foreclosure.

Foreclosure poses unique challenges for children, researchers say. Being forced to move to a new home can affect a child’s health and development, and markedly harms their performance in school. In fact, for every forced move due to foreclosure, a child’s math and reading scores can drop as if they had missed a month of school.

Unsurprisingly, these effects are higher in states in which foreclosure is more frequent. In Georgia, about 8 percent of children live in homes that were lost to foreclosure or that are in default and at a high risk of foreclosure.

Source: Chicago Sun-Times, “Study: Foreclosures take toll on kids,” Julie Schmit, April 19, 2012