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.
Sales of new homes fell 12% in July compared to June volumes, according to estimates released today by the U.S. Census Bureau and the Department of Housing and Urban Development.
A similar decline occurred for sales of existing homes. According to the National Association of Realtors (NAR), the number of existing homes sold last month dropped 27% from the prior month and 25% from the level a year ago.
A recent report by Rutgers University, entitled "No End in Sight: The Agony of Prolonged Unemployment," describes the pervasive nature of unemployment among people who lost their jobs during the recent recession.
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.
The number of homeless families in the U.S. rose for the second year in a row, according to The 2009 Annual Assessment Report to Congress recently completed by HUD.
This rise shows the impact of the economic downturn “on the housing stability of low-income and vulnerable Americans,” the report explains.
Statistical research confirms unaffordable housing has broad impacts for local economies.
Recent New York City-based research demonstrates residents of tax credit-financed apartments pay $500 less than monthly market rents, more than doubling the discretionary income available to each household for other necessities.