Defaulting on the Dream: States Respond to America's Foreclosure Crisis

Report Read time:
Defaulting on the Dream: States Respond to America's Foreclosure Crisis

Few imaginable economic events send the same message of fear and foreboding in America as a housing crisis. For most Americans, their homes are their greatest asset. And for the states, industries dependent on housing are cornerstones for economic growth and fiscal stability.

While this is a national crisis, states and local municipalities arguably will be asked to carry a larger share of the foreclosure burden as tax revenues decline and they experience increased demands for police and other services to deal with vacant and abandoned properties.

A growing number of states have taken action, seeking at least to mitigate the damage to homeowners, lenders, municipalities and their own budgets. The severity and speed of the crisis have meant that, in many cases, states are experimenting with innovative but as yet unproven approaches. The jury is still out about whether and to what extent they will be effective. Still, several states among those hardest hit by foreclosures also have been among the most assertive in trying to address the problem.

Pew is no longer active in this line of work, but for more information visit the Subprime Mortgages Project on PewHealth.org.

Downloads Report Defaulting on the Dream States Respond to Americas Foreclosure Crisis
Downloads Report Defaulting on the Dream States Respond to Americas Foreclosure Crisis
America’s Overdose Crisis
America’s Overdose Crisis

America’s Overdose Crisis

Sign up for our five-email course explaining the overdose crisis in America, the state of treatment access, and ways to improve care

Sign up
Quick View
America’s Overdose Crisis

America’s Overdose Crisis

Sign up for our five-email course explaining the overdose crisis in America, the state of treatment access, and ways to improve care

Sign up

MORE FROM PEW

Rain pours down on a fishing vessel at sea, while waves splash the deck. Fishers in orange and red rain jackets work to secure buckets and green fishing nets. How the Cape Town Agreement Can Improve Fisher Safety
A person in wader boots stands in shallow water with partially submerged vegetation and dips a yellow ruler into the water. Bushes and a blue sky with clouds fill in the background. How States Can Develop Blue Carbon Programs
A U.S. Coast Guard helicopter and ship approach two wind turbines in clear ocean waters under sunny blue skies. At COP28 Climate Summit, Local Leaders Take Center Stage
Getty Images Small Businesses in PA Support State Retirement Savings
Composite image of modern city network communication concept

Learn the Basics of Broadband from Our Limited Series

Sign up for our four-week email course on Broadband Basics
Quick View

How does broadband internet reach our homes, phones, and tablets? What kind of infrastructure connects us all together? What are the major barriers to broadband access for American communities?

Pills illustration
Pills illustration

What Is Antibiotic Resistance—and How Can We Fight It?

Sign up for our four-week email series The Race Against Resistance.
Quick View
Pills illustration

Antibiotic-resistant bacteria, also known as “superbugs,” are a major threat to modern medicine. But how does resistance work, and what can we do to slow the spread? Read personal stories, expert accounts, and more for the answers to those questions in our four-week email series: Slowing Superbugs.