The home foreclosure crisis has destroyed American neighborhoods, and as a result, it had a severe impact on children. According to Harkness and Newman (2003), children do better in school when they live in stable communities. As defined by Harkness and Newman, stable communities are neighborhoods where the residents are homeowners, thus creating a sense of stability children need to develop relationships with and in their communities, including their schools, which promotes success academically.
Families with children were and remained the biggest losers in the foreclosure crisis. These families not only lose their home and the sense of stability associated with homeownership, but the children are also now at a greater risk of faltering academically. Poor academic development will affect their future financial security. It is reasonable to assume the children of foreclosed homeowners run the risk of becoming victims of foreclosures themselves in the future due to unscrupulous lenders unless they can achieve academically and persist onto post-secondary success.
Families with children were and remained the biggest losers in the foreclosure crisis. These families not only lose their home and the sense of stability associated with homeownership, but the children are also now at a greater risk of faltering academically. Poor academic development will affect their future financial security. It is reasonable to assume the children of foreclosed homeowners run the risk of becoming victims of foreclosures themselves in the future due to unscrupulous lenders unless they can achieve academically and persist onto post-secondary success.