Report: NH Foreclosures are a “Sickness”
Wednesday, October 29, 2008
Concord, NH – Get sick and lose your house: A study of mortgage foreclosures across the country shows that almost half of those who have lost their homes blame medical bills for their misfortune.
Foreclosures in New Hampshire were up 70 percent last month, according to real estate industry tracking. Christopher Robertson at Harvard University says his team interviewed people who had lost their homes, and found that even when people had taken subprime loans, they could still make payments until medical bills interfered.
"One really interesting problem we observed was that people are taking on more debt, as they own the house, in order to pay their medical bills."
Previous studies have tied foreclosures to subprime loans, but had not assessed the role that unexpected high medical bills play in getting behind on house payments.
New Hampshire social worker Steve Gorin has been promoting the need for health care reform for years, after seeing how rising costs, even for those with insurance, have been ruining family assets.
"I'm hopeful that with the change of administration, one way or another, and with other races across the country, we'll finally be able to provide affordable health care coverage to people that need it."
Another Harvard study found that one of every two bankruptcies in the U.S. is because of medical bills. Robertson says health care reform needs to be part of the national debate about rescuing the economy
"Because this fits into the broader picture we're seeing of financial insecurity and medical crises, I think action on this issue is appropriate."
About 2,400 homes have been lost to foreclosure in New Hampshire so far this year. During all of 2005, only 452 mortgages were foreclosed.
get more stories like this via email
LANSING, Mich. - High utility costs are a major burden for Michigan's low-income residents, and a new study says they have an impact on their health…
TALLAHASSEE, Fla. - A new report shows an effort by investor-owned utilities in the Sunshine State to block the growth of rooftop solar. The …
Health and Wellness
By Troy Pierson / Broadcast version by Mary Schuermann reporting for the Kent State-Ohio News Connection Collaboration. As marijuana becomes more …
SALT LAKE CITY - With rising numbers of people targeted in hate crimes and related violence, a new report analyzes the hate-crime laws in each state…
BOSTON - Educators' unions are calling on the state to support their efforts to ensure in-person learning in the fall keeps students, teachers…
HARTFORD, Conn. - In Connecticut, more than 460,000 people care for close friends or family members who can't manage on their own - and their …
ALBUQUERQUE, N.M. - Millions of Americans soon could find eviction notices on their front doors, but New Mexico renters will not be among them - as …
FREDERICKSBURG, Va. -- With many Virginians still experiencing pandemic-related unemployment, students at a state community college were able to get …