According to researchers at the Brookings Institution, the poverty rate among all Americans is likely to remain above 14 percent through 2020, due to the relationship between unemployment and poverty.
The situation will be even worse among children, with the poverty rate remaining above 21 percent through 2020.
The worst year is likely to be 2014, with at least 16 percent of all Americans and 26 percent of all children living in poverty.
Formerly foreclosed upon, newly renovated homes might sit vacant as a result of stricter credit standards following the foreclosure crisis. That's the concern reflected in a survey conducted by NeighborWorks at a recent meeting in Philadelphia.
Two dozen non-profit organizations representing $740 million in Neighborhood Stabilization Program funds were polled.
The U.S. Census Bureau released figures today showing the nation's poverty rate jumped to 14.3% in 2009. That's the highest level since '94.
That rate indicates 43.6 million Americans are poor — the highest number in the nation's 51 years of keeping track.
The Office of Management and Budget defines poverty for 2009 as earning less than $21,954 for a family of four.
At the request of the Vermont Child Poverty Council, students and faculty of Dartmouth's Policy Research Shop prepared a report titled "Poverty in Vermont: Reduction and Profiles," which describes the population of Vermonters in poverty and identifies areas for further research and action.
The report concludes:
The number of people served in Vermont’s shelters rose by 8% during state fiscal year 2010, when compared to 2009, according to Emergency Shelter Grant program figures released this month by Vermont’s Office of Economic Opportunity.
This was the largest jump of the decade, up to a total of 3,834 people, 22% of whom were children.
An estimated 4.76% of home mortgages in Vermont were seriously delinquent in the second quarter of 2010. No other state in New England — and only six states in the U.S. — fared this well, according to recent data from the Mortgage Bankers Association’s National Delinquency Survey.
A loan is considered “seriously delinquent” if it's delinquent by 90 days or more, or if it's entered the foreclosure process.
Prices of homes sold in Vermont were approximately 4% lower during the second quarter of 2010 than 12 months earlier, according to repeat sales data from the Federal Housing Finance Agency (FHFA).
Vermont was no different than other northeastern states. All of them experienced lower prices during 2010’s second quarter, in comparison to 2009’s second quarter.
Even though the state’s economy is recovering by many indicators, economists project a continued decline in Vermont home prices and foreclosure rates hovering at an all-time high through at least mid-2011.
Congress has granted homebuyers three additional months to close on their properties and still be eligible for federal tax credits.
The bill could be signed into law by President Obama as early as this morning.
The legislation would give buyers until Sept. 30 to complete their home purchases and still qualify for up to $8,000 in tax credits. Previously, buyers had until April 30 to sign a sales contract; June 30 to close.
A news headline we spotted yesterday took us by surprise: According to CNN.com, "Nearly 75% of homes are affordable."