The Next Crisis for Puerto Rico: A Crush of Foreclosures


If the current numbers hold, Puerto Rico is headed for a foreclosure epidemic that could rival what happened in Detroit, where abandoned homes became almost as plentiful as occupied ones.
News Story (Puerto Rico)

Matthew Goldstein
New York Times (NYT)
December 16, 2017
READ THE FULL STORY HERE

Tags: Disaster Recovery, Housing: Foreclosure

Organizations mentioned/involved: Legal Assistance Clinic of the University of Puerto Rico


DETAILS

Puerto Rico’s 35 percent foreclosure and delinquency rate is more than double the 14.4 percent national rate during the depths of the housing implosion in January 2010. And there is no prospect of the problem’s solving itself or quickly.

“If there is no income, the people cannot make payments,” said Ricardo Ramos-González, coordinator of a consumer legal aid clinic at the University of Puerto Rico School of Law. “Thousands have lost their jobs, thousands of small business have closed, and thousands more have left the country.”