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• W308384268 abstract "Millions of US residents lost their homes to foreclosure during the Great Recession of 2007-2011 (RealtyTrac.com). The collapse was attributed to a host of economic factors, from financial deregulation and inflated housing prices to overdevelopment of housing stock and subprime loans to people who would otherwise not qualify for mortgages (Brown and Webb 2012; Immergluck 2005; Immergluck and Smith 2006; Mian, Trebbi, and Sufi 2011; Rugh and Massey 2010; Wyly et al. 2006). The dream of homeownership came to an abrupt end for many mortgagees, particularly among low-income and minority ethnic groups who had disproportionately acquired high-risk, adjustable loans prior to the housing collapse (Brown and Webb 2012; Lichtenstein and Weber 2014). Despite the magnitude of the crisis, US sociologists have paid little attention to foreclosure as a persistent social problem. A general consensus among scholars is that the housing crisis is an unmitigated economic disaster and, arguably, the most traumatic global development since World War II (Bassett and Clarke 2012; Sinclair 2010). It is likely that the financial effects of this crisis will be felt for many years, especially if people's dreams of homeownership are thwarted for any length of time. As suggested by the sociology of poverty, acute financial crises such as foreclosure can signify deeper structural problems that produce stressful life events and chronic health problems among the afflicted. Four studies that were conducted prior to the current financial crisis provide evidence of a link between structural inequalities, stressful life events, and mental or physical health problems. First, Zimmerman and Katon (2005) found a strong association between depression, income disparities, and financial strains. Second, Artazcoz et al. (2004) and Price, Choi, and Vinokur (2002) reported independently that unemployment was a leading cause of anxiety, depression, and other somatic problems. Third, Vinokur, Price, and Caplan (1996) identified links between financial strain, relationship dissatisfaction, family breakdown, and divorce. Following the Great Recession, attention turned to the association of foreclosure with high rates of depression, anxiety, headaches, and other somatic complaints (Alley et al. 2011; Cannuscio et al. 2012; Martin 2010; McLaughlin et al. 2012; Osypuk et al. 2012). These findings raise the question of whether foreclosure-related stress will abate over time or whether it is a more deep-seated issue that will be more difficult to resolve. This article describes the social stress of foreclosure among residents in Alabama, a predominantly rural state in the United States with high levels of poverty and moderate foreclosure rates compared to other parts of the country. Two-thirds of Alabama is covered in forest, although much of the original broadleaf forest has been converted to commercial timber acreage (Alabama Farmers' Federation 2010). Agricultural industries employ 170,000 workers, making the state a top US producer of food crops such as peanuts, pecans, and cotton, and of chicken and catfish farming (ibid.). Poverty is endemic to rural and urban areas of the state. Rankings from 2010 indicate that Alabama has the third-highest rates of poverty in the country and the fourth-highest rates of bankruptcy and mobile-home ownership (US Census Bureau 2012a). Other poverty indicators tell a similar story in relation to lending activity and foreclosure. In 2010, 62 percent of consumers held subprime credit compared to a national rate of 55.8 percent (Corporation for Enterprise Development 2012), making Alabama's subprime rate the third worst in the country (US Census Bureau, 2012a). In contrast, foreclosure rates are lower than the US average (1.43 vs. 3.41 percent of all mortgages; CoreLogic.com). The practice of some local banks to recall delinquent loans without entering into formal foreclosure proceedings has contributed to a lower foreclosure rate than would normally be expected for such high rates of poverty, bankruptcy, and subprime lending. …" @default.
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• W308384268 date "2014-09-22" @default.
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• W308384268 title "Losing a Home to Mortgage Foreclosure: Temporary Setback or Chronic Stressor?" @default.
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