Draw People’s Attention Using Messages that Resonate
The current foreclosure crisis affects everyone in our community, either directly or indirectly. In order to organize a community response to this crisis, the message we create must be easily understood and relatable, despite limited monetary resources.
To create a message that reaches a broad range of individuals, it is important to consider that will engage both those who are directly and indirectly affected by the foreclosure crisis. We have found that the use of the following statistics create the most effective message:
Michigan’s foreclosure crisis is not over yet and it’s hurting us all! For the past five years, Michigan has ranked in the:
- Top 10 states for numbers of foreclosures
- Top 5 states for decline in property values (estimated at a more than 25% average loss in property value)
- Top 5 states for mortgage fraud and foreclosure rescue scams.
- Top 5 states for percent of homes “underwater” – owing more on their mortgage than their home is currently worth (estimated to be more than 35%)
A single foreclosure comes at a high price to all of us! According to the Joint Economic Committee of the U.S. Congress, the average foreclosure costs:
- Local government $19,227- shrinking tax base, erosion of basic services for everyone, costs of demolition, code enforcement, blight remediation, and other services related to a foreclosure;
- Neighbors $1,508 – decrease in home value, harder to sell, refinance or move; and
- Homeowners $7,200 – equity, moving expenses, legal fees, etc.
There are actions we can take at the local level to soften the impact on our communities. We CAN make a difference in the face of this crisis!
Four major impacts of the foreclosure crisis:
- Increased number of foreclosures;
- Increased number of vacant properties;
- Decrease in property values; and
- Erosion of the local tax base that funds basic services for all.