Subprime Spillover
In our December 2006 study, " Losing Ground," CRL predicted that millions of American households would lose their homes to foreclosures in the subprime mortgage market. "Losing Ground" focused on the direct impact of subprime foreclosures, but it did not attempt to quantify how those foreclosures would affect neighboring homes and larger communities. In other words, it did not address the "spillover" effect where foreclosures themselves would further depress local housing prices. In this report, we estimate how many homes—including families who are paying their mortgage on time—will suffer a...